Shared by
tradelikelarry
Trade Planning:
- Daily Chart: Uptrend, Consolidation below recent highs.
- TTM Squeeze: Daily
- Earnings Date: 9/9
- IV: 200%
- Potential Profit: $21
- Potential Loss: $279
Reason For Entry:
- Playing the Daily chart, Put Credit Spread. This is a signal from Omega Options Trading. Playing the earnings and the profit level is almost 20% below the entry. Looking for the credit spread to expire worthless and collect the full premium by Friday.
Reason For Exit:
- Price action closed above our Target level at expiration and collected 100% of the premium.
Recap:
-
The entry was correct as we executed the PCS at the EOD. Our profit level was 17% below our initial entry (below the lower BB). Earnings were released after the close and price action pretty much stayed flat from there. On Friday the PCS expired worthless and we collected 100% of the premium. Nice small win on this high probable trade.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-09-09 15:15:16 | 11 SEP 20 110 PUT | sell | $0.6100 | short |
| 2020-09-09 15:15:16 | 11 SEP 20 109 PUT | buy | $0.5400 | long |
| 2020-09-12 07:11:40 | 11 SEP 20 110 PUT | buy | $0.0000 | 0 |
| 2020-09-12 07:53:04 | 11 SEP 20 109 PUT | sell | $0.0000 | 0 |
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