TLRY Trade on May 19, 2020 16:48 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: Daily
• Earnings Date: 8/10

Reason For Entry:

• Playing the daily chart, swing trade. TLRY is in a pattern of consolidation below recent highs. TTM is in a squeeze and momentum is shifting positive. TLRY also has a short float of 73%, this adds to the probability of TLRY popping to new highs. Scaled into the trade just above the buy zone (over the 8ema and 21ema) and risking less than 1% of portfolio on first execution. I left myself room to add to the position in the event that price action retraces lower in the buy zone. Watching for TLRY to move to new highs.

Reason For Exit:

• Scaled 2/3 size of position at the Fibonacci Extension 78.6% level and the last 1/3 at new recent highs.

Recap:

• The pattern was correct as price was consolidating below recent highs. Scaled into the trade just above the buy zone and risked less than 1% of portfolio, left myself room to add to the trade in the event TLRY retraces lower in the buy zone. Exited in 2 executions, 1st exit at the Fibonacci Extension 78.6% level and 2nd exit at the highs. This was a nice 100%+ win.