UI Trade on Jun 11, 2020 13:01 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

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

Reason For Entry:

• Playing the daily chart, Put Credit Spread. UI is in a pattern of consolidation below recent highs. Price entered the buy zone and I executed a PCS. Risking 1% of portfolio.

Reason For Exit:

• UI pattern failed as TTM fired short. Price looked heavy and a huge bearish engulfing candle occurred a couple days ago that I think it would take a lot to overcome.

Recap:

• This one is a LESSON TO LEARN. The entry was way off. It was off because at the initial entry point, the Break Even level was higher than my entry (this puts the odds against me). I could now only win if price rises and only if it rises. It is important to note that when I enter a PCS the break even NEEDS to be below the entry point. I then can win in 3 ways: 1. Price rises 2. Price consolidates and 3 Price drops a little. Learn from this. On to the next.