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Finding Bottoms Using Monthly Inside Candles: DKNG
Now, let's take a look at DKNG.
One of my highest conviction trades this year in January.
In this case, we traded within its March '20 monthly inside range.
pbs.twimg.com/media/F1FTGHsXoAI2ZIU?format=png&name=4096x4096
DKNG
We zoom in to see not only did the monthly inside low hold, but we have a massive bull flag breakout.
Add the fact that Massachusetts had an inevitable sports betting approval coming, this became a no brainer A+ setup.
Given at $13-$14.
pbs.twimg.com/media/F1FTR4eWcAIwtUp?format=jpg&name=4096x4096
We capitalized onDKNG, then rolling it up to a 3/17 22.5c with our target of what?
The March '20 monthly inside resistance of $19.50.
We sold near the top of its first wave into $21, now providing a 50%+ move on underlying since adding to WL in January.
pbs.twimg.com/media/F1FTbTxX0AM6s3m?format=jpg&name=4096x4096
After a pullback,DKNG reclaimed the breakout of its March '20 inside range $19.50, providing another massive move into $30+ (+50%).
From the time of my WL add in January, this has now provided over 110% upside.
See how breaks of monthly inside ranges provide large moves?
pbs.twimg.com/media/F1FTkLHWYAEZ7L5?format=png&name=4096x4096
One of my highest conviction trades this year in January.
In this case, we traded within its March '20 monthly inside range.
pbs.twimg.com/media/F1FTGHsXoAI2ZIU?format=png&name=4096x4096
DKNG
We zoom in to see not only did the monthly inside low hold, but we have a massive bull flag breakout.
Add the fact that Massachusetts had an inevitable sports betting approval coming, this became a no brainer A+ setup.
Given at $13-$14.
pbs.twimg.com/media/F1FTR4eWcAIwtUp?format=jpg&name=4096x4096
We capitalized on
DKNG, then rolling it up to a 3/17 22.5c with our target of what?The March '20 monthly inside resistance of $19.50.
We sold near the top of its first wave into $21, now providing a 50%+ move on underlying since adding to WL in January.
pbs.twimg.com/media/F1FTbTxX0AM6s3m?format=jpg&name=4096x4096
After a pullback,
DKNG reclaimed the breakout of its March '20 inside range $19.50, providing another massive move into $30+ (+50%).From the time of my WL add in January, this has now provided over 110% upside.
See how breaks of monthly inside ranges provide large moves?
pbs.twimg.com/media/F1FTkLHWYAEZ7L5?format=png&name=4096x4096
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our community & follow us on all social media!
linktr.ee/xenithtrading
linktr.ee/xenithtrading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.