$SOL /USDT 15m - 30m
The first thing that came to my mind when I saw the chart was Resistance rejection.
The current price is around 120.49. Price is now near the order block resistance (121.9) and the 50% line, so the next move from here could be important.
Trade Idea: $SOL SHORT🔴
Stop Loss: 121.93
Take Profit: 118.37
1TP : 119.96
2TP : 119.02
Why this trade?
In my eyes, there are 3 main things:
Structure: Price made a lower high near 121.2 and is now breaking back down through the small bullish PA zone. This shows the recovery is losing strength.
Zone: Price was rejected below the grey order block (about 121.9) and is sliding back toward the 50% discount zone line. The stop loss sits just above that block, so the idea is invalidated if it breaks.
Momentum: Sellers seem stronger right now. RSI has dropped to 47.71 and crossed below its moving average (54.77), with the last candles closing red.
So if the price stays below the entry zone, there may be an opportunity to move towards TP1.
If TP1 is hit, some profit can be secured and the remaining position can be held for TP2/TP3.
A couple of notes:
I read "11837" as 118.37 (a typo) and used it as the final TP. The chart's support line is at 118.98, so TP3 sits just below it.
From an entry near 120.49, the risk is about 1.44 and the reward to 118.37 is about 2.12, roughly 1.5R. TP1 alone is under 1R, so securing partial profit there and moving your stop to breakeven makes sense.
The first thing that came to my mind when I saw the chart was Resistance rejection.
The current price is around 120.49. Price is now near the order block resistance (121.9) and the 50% line, so the next move from here could be important.
Trade Idea: $SOL SHORT🔴
Stop Loss: 121.93
Take Profit: 118.37
1TP : 119.96
2TP : 119.02
Why this trade?
In my eyes, there are 3 main things:
Structure: Price made a lower high near 121.2 and is now breaking back down through the small bullish PA zone. This shows the recovery is losing strength.
Zone: Price was rejected below the grey order block (about 121.9) and is sliding back toward the 50% discount zone line. The stop loss sits just above that block, so the idea is invalidated if it breaks.
Momentum: Sellers seem stronger right now. RSI has dropped to 47.71 and crossed below its moving average (54.77), with the last candles closing red.
So if the price stays below the entry zone, there may be an opportunity to move towards TP1.
If TP1 is hit, some profit can be secured and the remaining position can be held for TP2/TP3.
A couple of notes:
I read "11837" as 118.37 (a typo) and used it as the final TP. The chart's support line is at 118.98, so TP3 sits just below it.
From an entry near 120.49, the risk is about 1.44 and the reward to 118.37 is about 2.12, roughly 1.5R. TP1 alone is under 1R, so securing partial profit there and moving your stop to breakeven makes sense.