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MICRON TECHNOLOGY INCMICRON TECHNOLOGY INCMICRON TECHNOLOGY INC

MICRON TECHNOLOGY INC

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MU trade ideas

MU BreakoutIn May, I was bearish on micron as we were trading in a sideways action and I thought that the S&P500 would have some form of meaningful selloff and that high volatile stocks would sell off the most. To my surprise, this stock hasn't really done anything in the past few weeks and today, I noticed that stock broke up resistance wedge. With this wedge breakout, I bought 100 shares at $51.14 and sold a ITM $50 strike call for a credit of $3.60 = $360. My max profit is my premium ($360) - intrinsic value of the option (51.14-50.00 = 1.14 x100 shares =$114 intrinsic value). Therefore, my max profit is $360-$114 = $246 or 4.8% in a little over a month. By using the covered call, I am able to protect my investment at the same time as limiting my profits. I do expect this stock to go up more than 4.8%, but I prefer to also limit my losses or increase my probability of profit and that's why I chose a covered call. Hit the like button if you want to know how this turns out. On a side note, the stock does have earnings on 6/29/2020 or in 25 days and I will most likely either close my position if its deep in the money or I will cover my position even deeper to lock in any gains in the next 25 days. Goodluck guys.
NASDAQ:MULong
by TheBulltrader
MU Long, Using "MM_SMA_Swing" to find trading opportunity Add "MM_SMA_Swing" with input: Show SMA(50), Dev (1%) Add EMA(144) Draw trend lines, Verify the price action: 1. Wedge breakout to up side, 2. Pull back to re-test the trend line Entry: 47 Stop: 45; when trend line break, also Below EMA144 and SMA50 Target1: 53; risk/reward=1:3 Target2: 58; risk/reward=1:5 This is a trading school homework. I need few months to practice trading plan. If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
NASDAQ:MULong
by PlanTradePlanMM