IWM -buying Put

I have been doing a lot of credit spreads to minimize my losses. However, they have been minimizing my gains. And my losses have still been more than I would like to see.
So I want to do something different. I am exploring low cost ways of doing purely directional trades.



Looking at the Russell 2000 (RUT) over the last few months, it has often moved through the 670-690 range. Looking at the related IWM with it's lower cost options, it too has gone through the same 67-69 range. There is a well defined down trend line that the IWM is over right now. This trendline has been over-run several times already and the stock has gone back under it. Since I feel that the pop over the trendline has been due to news driven events, I am making the guess that it will drop again below the trendline.
So with that logic, I placed an order to buy OTM May08 69Put for $1.79
Put options ITM start at $2.99 so if my option goes ITM, I expect at least $1.00 in profit.
I am buying the May option to give it time to drop.
When I put in the buy order, I also put in a dependant sell order at $3.85
This limits my gain. But it is a good amount of gain and having the order in there will allow me to catch any intraday drops. Also, percentage-wise, this is a larger gain than I've been getting on spreads.
I did not put in a Stop Loss order. For now, since this is a low cost option, I am willing to let the option go to zero rather than be kicked out early.