SOXL /USDT just wicked 143.28 then dumped to 134.55 - someone got trapped long
$SOXL - SHORT
Trade Plan:
Entry: 135.80 - 138.40
SL: 141.20
TP1: 131.00
TP2: 127.00
TP3: 121.50
Why this setup?
Divergence is the edge here. Perp printing +14.56% at 134.55 while actual Stock SOXL is -3.50% at 134.707 - that gap will close fast and perp usually follows stock in bStocks.
Technical crack - after straight run from 102.22 to 143.28, price finally closed below 1h MA7 138.47 with a strong rejection candle. That's first lower low signal, MA25 at 126.80 and MA99 at 119.05 both far below waiting.
Volume climax - MA5 741K volume spike right at 143.28 top with long upper wick, then dump candle on 1.18M volume, shows buyers exhausted and sellers stepping. Risk near 2% above 141.20 where thesis dies if reclaim of 143.28 high.
Debate:
Is this just a healthy pullback in SOXL /USDT uptrend or start of mean reversion to 126.80 - are you shorting the top or buying the dip?
Click here to Trade 👇
$BANK $HOME
$SOXL - SHORT
Trade Plan:
Entry: 135.80 - 138.40
SL: 141.20
TP1: 131.00
TP2: 127.00
TP3: 121.50
Why this setup?
Divergence is the edge here. Perp printing +14.56% at 134.55 while actual Stock SOXL is -3.50% at 134.707 - that gap will close fast and perp usually follows stock in bStocks.
Technical crack - after straight run from 102.22 to 143.28, price finally closed below 1h MA7 138.47 with a strong rejection candle. That's first lower low signal, MA25 at 126.80 and MA99 at 119.05 both far below waiting.
Volume climax - MA5 741K volume spike right at 143.28 top with long upper wick, then dump candle on 1.18M volume, shows buyers exhausted and sellers stepping. Risk near 2% above 141.20 where thesis dies if reclaim of 143.28 high.
Debate:
Is this just a healthy pullback in SOXL /USDT uptrend or start of mean reversion to 126.80 - are you shorting the top or buying the dip?
Click here to Trade 👇
$BANK $HOME