Trade Planning:
- Daily Chart: Uptrend, Consolidation below recent highs.
- TTM Squeeze: Daily
- Earnings Date: 5/5-
Reason For Entry:
- Playing the daily chart. GILD is in a pattern of consolidation below its recent highs. TTM is in a squeeze and gaining momentum. Entered the trade with 1 contract (position size is a little over 1% of portfolio). Can add to position if price retraces to the 50sma (recent support). Looking for GILD to make new highs.
Reason For Exit:
- GILD could not rally as the market gapped up. Options expire next week and GILD has not made any moves with this volatile market. Closed the position (even though trend was still valid and TTM remains in a squeeze) for a 33% loss or 0.5% of portfolio.
Recap:
- The entry was correct (between 21ema and 50sma), position sized correct (1% of portfolio). I exited this trade as GILD did not rally with the market. Markets looked very strong today and GILD did nothing but fade. Closed the trade for a minimal loss (0.5% of my portfolio). Consider closing your trade if the stock is not acting right. On to the next one.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-04-07 11:01:43 | 17 APR 20 75 CALL | buy | $3.250 | long |
2020-04-09 11:24:35 | 17 APR 20 75 CALL | sell | $2.200 | 0 |
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