Netflix earnings play


On 6-12-2018 NFLX initiated a pendant pattern as of today the lower support was tested resulting in a bounce from 393 to a high of 400 in intraday trading.
With earnings coming after market close this makes for a vital pivot point to enter the trade long or short. A beat on earnings and subscriber growth could start the move back up to resistance giving a price target of 418. Vise versa a disappointment on subscriber growth or weak guidance could send the stock plummeting breaking the pattern in a bearish manner initiating a quick but sharp decline in stock price levels to watch in a bearish breakdown would be 380 and 360.
-My position
-Long straddle into earnings
-Call and Put with identical deltas to manage risk after hours
-Loosing position will be cut next morning to ride upside downside momentum into tomorrow


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