GLD Trade on Jun 16, 2020 16:27 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: Daily
• Earnings Date: None
• IV: 20%
• Potential Profit: $276
• Potential Loss: $324

Reason For Entry:

• Playing daily chart, Put Credit Spread. GLD is in a pattern of consolidation below its ATH. It has been consolidating in an Ascending Triangle since mid April. TTM is in a squeeze and gaining momentum. This is a PCS play so we are betting that price will close over the $162 level by expiration on 7/17. I entered the trade at the buy zone (8ema and 21 ema level) and risking 1% of my portfolio.

Reason For Exit:

• GLD broke through the resistance level on the Ascending Triangle and I closed the trade for a nice +50% win.

Recap:

• The pattern was correct as price was consolidating below recent highs in an Ascending Triangle pattern. Executed the trade at the support area (lower area of the Ascending Triangle). GLD broke through the resistance area of the Ascending Triangle and I closed the position for a nice +50% win. I am now 6 for 6 on Put Credit Spread signals for Omega Options Trading.