LULU Trade on Apr 13, 2020 16:50 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:
- 1h Chart: Uptrend, Consolidation below recent highs.
- TTM Squeeze: n/a
- Earnings Date: 6/25-

Reason For Entry:
- Playing 1h chart. LULU is in a pattern of consolidation below its recent highs. Price entered buy zone (21ema) and opened position with a Put Credit Spread (PCS). Risking (1% of portfolio on this trade). I am betting that price will close over $200 by the close on Friday.
These trades (PCS) are more forgiving (if price breaks lower, the loss will not be as significant). Also, this is another strategy I use when dealing with expensive options.
Reason For Exit:
- LULU gapped up and I closed the trade for a 50% win.

Recap:
- The entry was correct at a nice support area (21ema). Position sized correctly (risking 1% of portfolio). Locked in the 50% win at the new high target area. Nice trade overall.