Looking for a daily close above regression trend to go long DKNG

7 Agu 2020

This is a very short term pattern so not very reliable, but the past couple of months have provided a nice shakeout I originally referenced, although I was a week early on the call. I'm much more comfortable getting in now that price action has cooled off a bit; however, if price can't make a daily close outside the regression trend then maybe it will retest the mid point or even low point of the channel. Earnings are coming up in about a week. For the most part, the 50 day MA has been providing support but if price were to breakdown it looks like the 200 day MA and low point of the regression channel might converge around $25 or maybe even a little lower which if that happened I would definitely consider buying there.. Price is also getting close to a decision point - 50 day MA and very short term uptrend line are coming to a point with the regression downtrend line. Anyway we'll see what happens, since it's such a short term pattern I will have a tight stop loss on a daily closing basis in case of a false breakout.

13 Agu 2020

Catatan

Trade active on daily close outside of regression trend. I might get trolled pretty hard if earnings are bad tomorrow but my stop loss is a daily close back inside the regression trend or else $31.50 intraday.

14 Agu 2020

Catatan

I updated the short-term uptrend line, it's right below the closing prices of those 2 strong red candles, but that line isn't very reliable. The 50 day MA continuing to get closer to the regression trend line is more reliable. Technically this is still just a shakeout of yesterday's what turned out to be (at least temporarily) false breakout. Price hasn't decided what it wants to do short-term yet. I'm going to get out for now with a minor loss despite a crazy volatile day since it's making a close back inside the regression trend. I may take another stab at this if price can make another close outside of the regression trend, the 2nd time should be more reliable, especially with earnings out of the way, but anyway for now I'm out.

14 Agu 2020

Catatan

I also forgot to note, I was hoping for a continuation of the breakout candle with a good earnings reaction today. But it's really hard to predict how the market is going to react to earnings, price very well could have continued higher but for now the signal was just a false breakout.

17 Agu 2020

Catatan

Taking another shot at this. This time stop loss is a daily close below $31.50 which would be below that most recent strong red candle. I like this set up better as it's barely breaking out and doing it more quietly at a lower price. No earnings to derail it this time, although any negative news with the NFL would derail it pretty quickly.

25 Agu 2020

Catatan

Updating my stop loss to an open order so that I at least break even on this trade. Stop loss is now $34.64 open order.

2 Sep 2020

Catatan

Thought about selling today around $40 before it gap filled this morning. I didn't pull the trigger in the end because I wasn't sure it necessarily needed to fill the gap but sure enough that would have worked out. I'm not a day trader at all but today I could have sold at $40 and bought back maybe in the low $37 range. But it didn't quite fully fill the gap so maybe I wouldn't have got in as low as I think I would in hindsight. Just making a note about this for my records.

2 Sep 2020

Catatan

Still barely in this trade as price has not hit my stop loss yet, came within 20 cents one day but trade is still active for now.

3 Sep 2020

Catatan

Normally I wouldn't do this but since this is such a short-term pattern I'm going to set a stop loss to make up for the first trade I tried and break even on that as well. New stop loss is an open order at $36.90 (which I anticipate will probably get hit), but for now it's just a little below the low so far today.

4 Sep 2020

Catatan

Trade closed at stop loss price this morning. Ended up not making anything but didn't lose anything either on the 2 combined trades above. I may consider re-entry around $34 or slightly lower, that would be around the short-term uptrend line and stop would be a daily close below that line. We'll see.. anyway for now I'm out.