Sometimes trailing stops can hurt you if you don't give yourself enough room. Sometimes trailing stops can hurt you if you give yourself too much room. We saw both instances today.

We took first-hour trades in FAST and IVZ, and we able to move the stops to breakeven. Unfortunately, FAST went straight to the R1 Pivot target after the breakeven stop-out. In the case of MYGN, we gave back almost 50 cents keeping a wide trailing stop in hopes of catching a dollar-plus move. Perhaps, I should have targeted the inside of Friday's high, and trailed the stop at that target.

CME LONG 62.72 63.27 $0.55
FAST LONG 50.95 50.95 $-
IVZ LONG 33.94 33.94 $-
MYGN LONG 32.53 32.82 $0.29 Trail hit.
MXPI LONG 30.00 29.80 $(0.20)
SGEN LONG 37.37 37.37 $-

Total of $0.64 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $640 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.

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.

Partial list of setups. Full list goes out by email. Subscribe to the distribution list here.

Bullish Long-Side Setups

CBS CBS Corporation
EQR Equity Residential
IP Intl Paper
JWN Nordstrom, Inc

Bearish Short-Side Setups

ADT The ADT Corp
CLH Clean Harbors Inc
FAF First American Financial Corp
NLSN Nielsen Holdings N.V.

Additional stocks may be posted in the Live Trading Room in the morning. The room opens at the opening bell. There is no pre-market analysis or chat, because pre-market data has no effect on how or what I will trade. There are typically no trades within the first 15 minutes of the market session. Request your free invitation to the trading room here.

Dave Mecklenburg is Publisher of TigerSharkTrading.com.