Z Trade on Jun 22, 2020 16:14 from tradelikelarry: Tradervue User Stock Trades.

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Trade Planning:

  • Daily Chart: Uptrend, Consolidation below ATH.
  • TTM Squeeze: Daily
  • Earnings Date: 8/6
  • IV: 68%
  • Potential Profit: $130
  • Potential Loss: $170

Reason For Entry:

  • Playing the daily chart, Put Credit Spread. Z is in a pattern of consolidation below its ATH. TTM is in a squeeze for 4 days now. Executed a PCS at the buy zone (8ema), break even point is below my entry at the support level (21ema). Risking less than 1% of portfolio. Watching for Z to continue to new ATHs.

Reason For Exit:

  • Price action on Z made a strong move over the 20 SMA and I closed the trade for a +70% win.

Recap:

  • The setup was correct as price action was consolidating in the buy zone below its ATH. Price action consolidated for several days until making a strong move over the 20 SMA. I then closed the trade for a nice 70% win 1 day before expiration. Nice win overall.

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Execution detail:

Date/time Symbol Side Price Position
2020-06-22 16:14:53 17 JUL 20 60 PUT sell $3.750 short
2020-06-22 16:14:53 17 JUL 20 57 PUT buy $2.450 long
2020-07-16 12:26:28 17 JUL 20 60 PUT buy $0.4600 0
2020-07-16 12:26:28 17 JUL 20 57 PUT sell $0.0500 0


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