DKNG Neckline Break

5 нояб. 2021 г.

Description
DKNG appears to have made a break in the neckline as well as a back test, and I will be entering a starter Long Put position.
For the larger time frame, refer to the idea I published here:
https://www.tradingview.com/chart/DKNG/zOFltXhr-DKNG-Potential-Head-and-Shoulders/

Technical Indicators:

• Break in the neckline
  
• Death Cross on 29OCT
  
• Neckline rejection today
  
• Good volume on the breakout
  

Using Long Puts

Long Put
Levels on Chart
SL is set as a break and hold above the ascending neckline.
Our eventual price target, as measured by the height of the "head", has us retracing the entire move that was made in 2020.
For an intermediate target, we will go with the support set in August of 20.
*Stops based off underlying stock price, not mark to market loss

The Trade
BUY
11/26 42P

R/R & Break-evens vary on fill.

Manage Risk
Only invest what you are willing to lose

5 нояб. 2021 г.

Сделка активна

Filled at 1.3.

9 нояб. 2021 г.

Сделка активна

Added to position, avg fill @ 1.43.
Looking like a good reaction today. Stop loss remains the same.

15 нояб. 2021 г.

Сделка активна

Solid break through the 40-41 demand zone.
Next demand zone is 35-36.
Marked at 3.28, +129%

19 нояб. 2021 г.

Сделка закрыта вручную

DKNG hit 36 today, which is a good profit taking target, although I am looking for more downside to <33 with another week to go on the contracts.
I've held the full position since the add on NOV9, so this has become a considerable portion of my account.
I am closing these out and rolling a small portion of my profits, equivalent to my normal position, out and down to the 12/3 33C's.
Closed out full original position for 6.1, +327%

19 нояб. 2021 г.

Сделка активна

Filled 12/3 33Cs for .55.

30 нояб. 2021 г.

Сделка активна

Rolled position forward, taking loss of .15 and filling new position for 1.57.
Max Loss: 1.72
Break-even at EXP: 31.28

9 дек. 2021 г.

Сделка активна

While I do hate to give up all of the additional profits that were accumulated on 3DEC and I do believe it was correct to take profits then based off a pending reversal in the VIX,
I am still bearish on this name. I would expect a 50 - 68% retracement here up to 36 - 39 to be normal and would be comfortable adding to the position in that range.

9 дек. 2021 г.

Сделка закрыта вручную

Filled rolled position @ 1.75, +11.5%.
I want to see the retracement and then re-enter.
Trigger set @ 36.