DKNG Bull Put Spread
22% ROI, 8 DTE
Higher timeframe ascending trendline
Overall trend is sideways, testing 4h demand and potentially moving up into 1h supply
Aggressive buyers seem to step in on the trendline
Price moving down into higher timeframe demand zone
Last hourly 3 legs down had a potential middle leg with body gap down, could be EW 3 of 3 center
Last rally was a weak top into Apr 6
The top at 61 was a retest of structure exactly at a flip level
Next supply is at 62 at the gap fill, so if I get a rally into it quickly I should buy back the spread
If the rally is slow and takes time, then I will likely expire into Apr 23
54 sold strike is bhind the Mar 8 liquidity search low
22% ROI, 8 DTE
Higher timeframe ascending trendline
Overall trend is sideways, testing 4h demand and potentially moving up into 1h supply
Aggressive buyers seem to step in on the trendline
Price moving down into higher timeframe demand zone
Last hourly 3 legs down had a potential middle leg with body gap down, could be EW 3 of 3 center
Last rally was a weak top into Apr 6
The top at 61 was a retest of structure exactly at a flip level
Next supply is at 62 at the gap fill, so if I get a rally into it quickly I should buy back the spread
If the rally is slow and takes time, then I will likely expire into Apr 23
54 sold strike is bhind the Mar 8 liquidity search low