$QNT /SHORT
Entry price: $256-$260
TP: 232.5$
SL: 275.5$
The reason is simple: $QNT surged strongly from the 230$ area to above 265$, but instead of continuation, the price was rejected from the top. On the 1H chart, buyers are already having trouble holding these higher levels, and we’re now starting to see red candles forming one after another.
This is exactly what made me not want to chase the momentum. I wanted to wait until buyers start losing control, then look for a SHORT trade.
If 250$ is broken properly, I believe selling pressure could increase quickly because traders who entered late into the momentum may also start exiting.
That’s where 232$ comes in for me.
The setup is invalid above 275.6$, so I have a clear exit if I’m wrong.
Click here to display the chart👇$QNT
Entry price: $256-$260
TP: 232.5$
SL: 275.5$
The reason is simple: $QNT surged strongly from the 230$ area to above 265$, but instead of continuation, the price was rejected from the top. On the 1H chart, buyers are already having trouble holding these higher levels, and we’re now starting to see red candles forming one after another.
This is exactly what made me not want to chase the momentum. I wanted to wait until buyers start losing control, then look for a SHORT trade.
If 250$ is broken properly, I believe selling pressure could increase quickly because traders who entered late into the momentum may also start exiting.
That’s where 232$ comes in for me.
The setup is invalid above 275.6$, so I have a clear exit if I’m wrong.
Click here to display the chart👇$QNT
