WYNN Trade on Apr 22, 2020 16:49 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• 30m Chart: Downtrend, Consolidation below recent lows.
• TTM Squeeze: 30m
• Earnings Date: 5/5-

Reason For Entry:

• Playing 30m chart. WYNN is in a head and shoulders pattern and rejecting the 8ema. It entered the buy zone (at 8ema) and order filled for 1 contract (risking 0.5% of portfolio

Reason For Exit:

• After hours CEO of Sands reported that he expected gaming revenue to pick back up very quickly (all casino stocks rallied). At the open I closed the position as TTM fired long and pattern was no longer valid. 90% loss on trade

Recap:

• The setup was valid (head and shoulders pattern), the entry was correct (at support/8ema). Next day, news came out and WYNN gapped up causing a loss of 90%. This is part of the game and there is no avoiding it. Position sizing correctly protects you from times like this. Today, I lost (0.5% of my portfolio) I am now able to keep on trading and looking for the next setup.