SQ Trade on Aug 4, 2020 15:48 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: Daily
• Earnings Date: 8/5
• IV: 119%
• Potential Profit: $39
• Potential Loss: $261

Reason For Entry:

• Playing the Daily chart, Put Credit Spread. SQ moved through a break out level to a new ATH. Playing the Put Credit Spread and betting that price action will close above $120 by Friday of this week. The 8 EMA and 21 EMA are well above the profit level. Nice risk to reward on this play.

Reason For Exit:

• Price action closed well above our higher strike and the spread play expired worthless giving us 100% profit on the premium.

Recap:

• Nice trade overall as Josh (Omeaga Options) alerted this play and made lots of sense as the profit level was just below a key support level. I held the position for 3 days and collected 100% of the premium on the play.