WORK Trade on Sep 8, 2020 13:31 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below recent highs.
• TTM Squeeze: None
• Earnings Date: 9/9
• IV: 140%%
• Potential Profit: $36
• Potential Loss: $264

Reason For Entry:

• Playing the Daily chart, Put Credit Spread. This is a signal from Omega Options Trading and playing earnings. Profit level is 19% the initial entry. Looking for price action to close over $24 by expiration on Friday to collect the full premium.

Reason For Exit:

• Price action closed above our Target level at expiration and collected 100% of the premium.

Recap:

• The setup was correct as we entered the Put Credit Spread at the EOD as earnings were set to be released after hours. Our profit level was was about 17% below our initial entry (well below the lower BB). Earnings were released and price action gapped down the next day. Price action held above our profit level and the spread expired worthless and we collected 100% of the premium at the close on Friday. Nice small win on this high probable trade.