W Trade on May 7, 2020 16:37 from tradelikelarry: Tradervue User Stock Trades.

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tradelikelarry

 

Trade Planning:

  • 1h Chart: Uptrend, Consolidation below recent highs.
  • TTM Squeeze: 1h
  • Earnings Date: Post earnings

Reason For Entry:

  • Playing the 1h chart. W is in an uptrend consolidation after a gap higher post earnings. The chart shows an ascending triangle and TTM is in a squeeze. Order filled for 1 contract just below the 8ema. Risking 2% of portfolio. Will not add to this trade. It will either run up to the $200 level or fall below my stop. Regardless, the pattern is valid and I am taking a shot.

Reason For Exit:

  • W broke the top of the ascending triangle and make a run for new all time highs. Closed the trade for a 38% win.

Recap:

  • The setup was correct as the chart had a nice Ascending Triangle pattern. I opened the trade at the lower trendline which also lined up with the 8ema. Had a nice risk to reward as I opened the trade near the stop out area. Price made a strong move above the top of the Ascending Triangle and I closed the trade for a 38% win. Nice trade overall. image

Execution detail:

Date/time Symbol Side Price Position
2020-05-07 16:37:23 15 MAY 20 190 CALL buy $5.500 long
2020-05-08 13:02:58 15 MAY 20 190 CALL sell $7.600 0


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