DKNG
Hey, traders.
I suggest we take a look at some very interesting paper.
Let's read the chart:
1. As we remember, the first serious fall of the SPY took place on 25.02.2020.
Up to 23/03/2020, in a month, the market fell by almost 35%. Look at the paper that time: it didn't fall and was in the channel with a strong support level at 15.75 until March 11.
2. We see an instrument that is much stronger than the market. There are some more confirmations about it.
3. From 02/04/2020, the paper has grown by 244%! Compare it with the growth of the SPY.
4. On 02.06, a strong short player enters the game and did not let the price rise above 44.79.
5. On 3.06 and 4.06 the same short player places a limit order at 42.48.
He starts to sell the paper down and couldn't push price more than -10.53%.
However, at 35.55, he encountered resistance from a big long player who started to defend his SL-orders.
6. The long player did not let the price enter the short zone ( -15%).
And here is an interesting observation: the long player spent about 720.97 million dollars to raise the price from 35.65 to 41.79
It is obvious that the long player is not thinking to give up.
7. For the last 4 days there is a gaining position by long player.
8. The important fact is that after the false breakout on June 18, the paper didn't roll back down, so it is actively being bought back.
9. Another important observation: the SPY fell in the last trading session, but our paper rose and made a sharp jump upwards at M5 bar (03:50 p.m.).
10. The closing of the day bar happened next to the level.
Here are two possible trading scenarios.
1. Aggressive scenario. Enter the second breakout level after the formation of compression.
2. Less aggressive scenario. Waiting for the breakout and fixing the price above the level. Enter the longitude on the level retest shorts player.
Trade wisely.
Order cancelled:
There was no entry point yesterday and the model is broken now. I'll leave it on a list and watch.