PTON Trade on May 11, 2020 15:43 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

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

Reason For Entry:

• Playing 1h chart. PTON is in a pattern of consolidation below its recent highs. TTM is in a squeeze on the 1h chart and the chart has developed an Ascending Triangle. There is a 40% short float percentage and looking for PTON to continue its uptrend to new highs. Scaling in to this trade in 2 lots. 1st entry at the 8ema and 2nd just below the 8ema. Risking 1% of portfolio so far and may add to the trade again.

Reason For Exit:

• Scaled out of PTON in 2 executions. 1st exit was at the 78.6% fib extension level. 2nd exit was at new highs. Overall was a 88% win.

Recap:

• The pattern was correct as PTON had made a strong move up and consolidated below its highs. I entered the trade in 2 executions at the 8ema level (buy zone). Scaled out of the position in 2 executions at the 78.6% fib extension level and at new all time high (ATH) level. This was a 88% win. Overall really nice trade on a 1 day hold.