DKNG 10/13/2023

DKNG

Price was in an uptrend from January '23 through July '23.
It then started to move sideways between July '23 and September '23, forming lower highs into the trendline.
The uptrend was finally broken in late September '23/early October '23.

Now, the price finds itself at the resistance level of the previous uptrend and at the downtrend line created by the lower highs observed between July '23 and September '23. Additionally, there is an engulfing candlestick pattern in this area. This serves as my cue to enter a short trade.

Entry: 29.37
Stoploss: 33.56, -14.27%
Target: 20.78, +29.25%, 2.05 RR ratio

Trade active:

Adding to existing entry

Entry: 28.41
Stoploss: 29.30, -3.13%
Target: 20.70, +27.14%, 8.66 RR ratio

Trade active:

adding to existing entry

Entry: 29.37
Stoploss: 33.56, -14.27%
Target: 20.78, +29.25%, 2.05 RR ratio

Trade closed: stop reached:

0-3. Took losses as this move up on earnings hype
trade 1 Stoploss: 33.56, -14.27%
trade 2 Stoploss: 29.30, -3.13%
trade 3 Stoploss: 33.56, -14.27%

Comment:

The sell pressure is still there, and the analysis is still valid. The move up looks to be a specialist breakout.

reentry 11/10/2023:
Entry: 34.93
Stop loss: 38.06, -8.96%
Target #1: 25.90, +25.85%, 2.88 RR ratio
Target #2: 20.78, 40.51%, 4.52 RR ratio

Trade active

Trade active:

Price decided to formed a rising wedge on 1hr chart which has now been broken.

Adding to existing trade.
Entry: 38.71
Stop loss: 39.80, -2.58%
Target #1: 25.82, 33.23%, 12.89 RR ratio

Trade active:

adding to existing trade:

Entry: 38.18
Stop loss: 39.80, -2.58%
Target #1: 25.82, 32.37%, 7.63 RR ratio

Comment:

adding more to existing trade :


Entry: 38.18
Stop loss: 39.80, -2.58%
Target #1: 25.82, 32.37%, 7.63 RR ratio

Trade active:

Adding to existing trade.
Entry: 34.75
Stop loss: 36.65, -5.47%
Target #1: 25.82, 25.70%, 4.7 RR ratio

Trade active:

Adding to existing trade.
Entry: 33.65
Stop loss: 34.27, -1.84%
Target #1: 25.82, 23.27%, 12.63 RR ratio

Trade closed manually