WING Trade on Jun 3, 2020 13:25 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: Daily
• Earnings Date: 8/5

Reason For Entry:

• Playing the daily chart, Put Credit Spread. WING is in a pattern of consolidation below its ATH. Price entered the buy zone (between the 8ema and 21ema) and I executed a PCS with a risk to reward of around 1:1 (risking 2% of portfolio). Betting that price will close over $125 by expiration on 6/19.

Reason For Exit:

• WING made a move to the new ATH level and closed above the $125 level at expiration 6/19. This means the Put Credit Spread expires worthless and I collect 100% of the credit.

Recap:

• The pattern was correct as price action was consolidating below its ATH. Entry was spot on as I entered the trade at the buy zone (between the 8ema and 21ema.) I remained patient as I held the position up to the expiration date on the Put Credit Spread position. Price closed over the $125 level at expiration and I collected 100% of the premium for a profit. Nice 100% winner.