I may update this if I find a better setup or a make a video about this.

What I do is I place my character about in the middle of the left middle block and face left. When the demon goes down, I start mashing X and Z at the same time. When I take knockback, I start using the arrow keys to keep myself centered in the very middle of the arena, right under the demons head. I'm pretty consistent at the 1 cycle, and I always get 2 cycles or less.