Perhaps the better lessons from today were the trades we didn't take. Looking at the charts, there were a few good looking trades that aren't on the log. Why is that?

Agilent Technologies (A) made a nice move through Thursday's high to close 80 cents higher. The problem with this trade is that an entry at 43.96, with an initial target at 44.39, gave us only 43 cents of reward versus the 38-cent initial stop. I can't target the R2 pivot on this trade, because the stock appoached the Central Pivot on the open.

Oil States Intl (OIS) made a big 80-cent move from the Central Pivot to Thursday's high. The volatility, spread and stop were just beyond my requirements to enter this trade. Universal Health Services also had a stop and spread too wide to take a trade from Thursday's high to the R1 pivot.

Brinker Inc (EAT) reversed down from the R1 pivot to the Central Pivot. I like tight 16-cent stops when I take a trade, but the target of only 29 cents to the Central Pivot isn't a big enough target.

EL LONG 67.84 67.92  $0.08  Trail hit.
FIS LONG 40.32 40.62  $0.30  
GM LONG 29.78 29.63  $(0.15) Exit end of day.
GME LONG 31.29 31.72  $0.43  
HCA LONG 38.54 38.16  $(0.38) 
KORS LONG 55.49 55.88  $0.39  Exit end of day.
HFC SHORT 48.13 48.29  $(0.16) 
WSM SHORT 52.33 52.32  $0.01  Exit end of day.

Total of $0.52 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $520 gross earnings for the day.

Wide-range bar setups for the next trading day. The day trade setup is only good for the upcoming trading session. Additional setups may be available in the live trading room. Request your free invitation here.

Entries, targets, and stops are based on the day's likely inflection points, and natural support and resistance. Avoid trade until bid/ask spread narrows.

Bullish Long-Side Setups

BG Bunge Ltd
LEN Lennar Corp'A'
HD Home Depot Inc
VTR Ventas Inc
YOKU Youku Tudou Inc
K Kellogg Co
OKE Oneok Inc
DTE DTE Energy

Bearish Short-Side Setups

AU Anglogold Ashanti Ltd
CTRX Catamaran Corp
ESRX Express Scripts Holding Co
FLR Fluor Corp
FTI FMC Technologies
GOLD Randgold Resources ADS
MUR Murphy Oil
NEM Newmont Mining

Dave Mecklenburg is Publisher of TigerSharkTrading.com.