I'm going to open a LARGE SHORT POSITION here on $Q .
TP: $0.0388
SL: $0.0494
Now the question is: why open a short position after such a strong breakout?
Because that breakout has already served its purpose: attracting buyers who arrived late.
The price went up, and everyone started interpreting it as a bullish continuation, but now the move is struggling to extend as it should.
From here, I think it may take only a few candles, perhaps even just one strong red candle, for the real drop to begin.
There's still plenty of liquidity lower down, where those late buyers are, and that's the zone I'm targeting.
So, for me, the setup on $Q remains simple.
Late buyers entered up top.
Momentum is fading.
Liquidity is below.
Now I'm waiting for the market to start liquidating them
TP: $0.0388
SL: $0.0494
Now the question is: why open a short position after such a strong breakout?
Because that breakout has already served its purpose: attracting buyers who arrived late.
The price went up, and everyone started interpreting it as a bullish continuation, but now the move is struggling to extend as it should.
From here, I think it may take only a few candles, perhaps even just one strong red candle, for the real drop to begin.
There's still plenty of liquidity lower down, where those late buyers are, and that's the zone I'm targeting.
So, for me, the setup on $Q remains simple.
Late buyers entered up top.
Momentum is fading.
Liquidity is below.
Now I'm waiting for the market to start liquidating them