WYNN Trade on Jun 2, 2020 15:48 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

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

Reason For Entry:

• Playing the daily chart, Put Credit Spread play. WYNN is in in a pattern of consolidation below recent highs. One can argue that it is also in a Inverted Head and Shoulders pattern. TTM is in a squeeze and momentum shifting positive. Price pulled back to the buy zone (8 and 21ema level) and I executed a Put Credit Spread. Watching for WYNN to continue to new highs.

Reason For Exit:

• Exited the trade at 2 levels. 1st at the new highs and 2nd at the Fibonacci Extension 127.2% level.

Recap:

• The pattern was correct as price was consolidating below recent highs. The TTM was gaining momentum and I executed a Put Credit Spread at the 8 and 21ema level (buy zone). The exits were correct as I exited in 2 executions. 1st at the new highs level and 2nd at the Fibonacci Extensions 127.2% level. Nice trade overall.