OSTK Trade on May 14, 2020 10:59 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• 30m Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: 30m
• Earnings Date: 7/30

Reason For Entry:

• Playing the 30m chart, day trade. OSTK is in a pattern of consolidation below recent highs. TTM is in a squeeze and gaining momentum. I scaled in to the trade in to executions. 1st just below the 21ema and the second around the same area after price pulled back from a small pop. Watching for OSTK to make a move to new highs.

Reason For Exit:

• OSTK started fading towards the end of the day and broke below the 50sma. I closed the trade for a loss even though the TTM was still in a squeeze. These options expire tomorrow and OSTK looked weak at the exit.

Recap:

• The pattern was correct as price was in a pattern of consolidation below recent highs. I entered the trade in 2 executions around the same area (21ema area). Price started fading towards the end of the day and I closed the trade as price broke below the 50sma. Keep in mind that the TTM was still in a squeeze but these options expire tomorrow and price looked weak at my exit. Small loss, less than 1% of my portfolio.