Shared by
tradelikelarry
Trade Planning:
- 1h Chart: Uptrend, Consolidation below recent highs.
- TTM Squeeze: none
- Earnings Date: 8/4-
Reason For Entry:
- Playing 1h chart. This is a Put Credit Spread play. LITE retraced to the 200sma on the 1h chart and sold to open 4 contracts at that level. Betting that LITE will close over $80 by Friday of this week. Risking 1.75% of portfolio.
Reason For Exit:
- Price broke that 200sma and I simply closed the trade for a loss. Loss of 1% of portfolio.
Recap:
-
I took a shot on a trade that showed strong support at the 200sma, it failed and I closed the position for a loss. This was a PCS trade, which helped cushion the loss. Loss of 1% of portfolio on this trade.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-05-12 15:39:59 | 15 MAY 20 80 PUT | sell | $2.800 | short |
| 2020-05-12 15:39:59 | 15 MAY 20 78 PUT | buy | $1.770 | long |
| 2020-05-13 12:57:21 | 15 MAY 20 80 PUT | buy | $5.220 | 0 |
| 2020-05-13 12:57:21 | 15 MAY 20 78 PUT | sell | $3.570 | 0 |
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