TGT Trade on Aug 18, 2020 16:39 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: N/A
• Earnings Date: 8/19
• IV: 59%
• Potential Profit: $32
• Potential Loss: $368

Reason For Entry:

• Playing the Daily chart, Put Credit Spread. This signal is from Omega Options Trading, nice risk to reward in terms of a chart prospective. The break even level is below the 20 MA (historically solid support level). Betting that TGT will close above $128 by expiration on Friday.

Reason For Exit:

• TGT closed well over the profit level and expired worthless. I was able to collect 100% of the premium for a nice small win.

Recap:

• The Put Credit Spread setup was correct as the profit level was at a key support level (20 MA). This was an earnings play and was betting that the news would be good enough to keep price action above $128 by expiration Friday. After the news release, price action gapped up and stayed well above the profit level. I was able to collect 100% of the premium. Nice small win overall.