CHWY Trade on May 27, 2020 14:06 from tradelikelarry: Tradervue User Stock Trades.

Trade Planning:

• Daily Chart: Uptrend, Consolidation below ATH.
• TTM Squeeze: Daily
• Earnings Date: 6/9

Reason For Entry:

• Playing the daily chart. CHWY is in a pattern of consolidation below its ATH. TTM is in a squeeze and momentum has shifted positive and gaining. Earnings are on 6/9 so watching for CHWY to run into the event. It has a short float of 13% which will add to the probability of a pop in price. Scaled in to the position in 2 different days both in the buy zone. Watching for CHWY to continue to new ATHs.

Reason For Exit:

• Scaled out of the position in 2 executions. 1st exit was just below the Fibonacci 61.8% level (+42%) and 2nd at the 61.8% level (+73%).

Recap:

• The setup was correct as CHWY was consolidating below its ATH. The TTM Oscillator indicated that momentum was shifting positive so I scaled into the position in 2 execution (both at the buy zone in 2 different days). The exit was nice as I stayed patient and locked in a 42% and 73% win. Nice trade overall.