SMAR Trade on May 27, 2020 12:38 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: Daily
• Earnings Date: 6/3

Reason For Entry:

• Playing the daily chart. SMAR is in a pattern of consolidation below its ATH. SMAR pulled back with the market and rejected the lower Bollinger Band / Symmetry level. It also has earnings next week so looking for a run into earnings. Order filled for 1 contract at the buy zone (Symmetry/lower Bollinger Band area). Watching for SMAR to continue its uptrend to new ATHs.

Reason For Exit:

• Price hit my first target at the Fibonacci 61.8% level. Closed the trade for a 70% win.

Recap:

• The setup was correct as SMAR was in a pattern of consolidation below its ATH. Price rejected a key symmetry level which also lined up with the lower Bollinger Band. I entered the trade at that level and risked 1% of my portfolio. Price moved up the next day and hit my first target at the Fibonacci 61.8% level. Locked in the 70% win.