Smart money is preparing to lock in massive profits on $PLAY and trap late retail buyers at the top.
I am looking at the order flow for $PLAY and I noticed a huge setup building up right now. The big players bought in much lower around the 0.099 area and are currently holding over a million dollars in long positions. They are sitting on very nice profits because the price has pumped over 37 percent today and is trading near 0.117. Since the price went up so fast, a lot of everyday retail traders are jumping in right now, thinking the market will just keep pushing higher. Smart money uses this late buying pressure to exit their trades safely. They will not hold these profits forever.
When these large accounts start selling to close their successful trades, it will create heavy downward pressure on the market. This sharp drop will trap all the retail traders who bought the top. My trade plan is to wait for the price to push slightly higher into a premium zone and enter a short position. I want to trade this reversal and ride the wave down as the big players leave the market, keeping my risk tightly managed.
Trade Plan
Entry: 0.1180
Stop Loss: 0.1200
Take Profit 1: 0.1160
Take Profit 2: 0.1140