$VELVET REJECTION INCOMING ๐
SHORT THE SPIKE RETEST ๐ฏ
Entry Zone: 0.9900 - 1.0050
TP1: 0.9000
TP2: 0.8000
TP3: 0.6800
SL: 1.1100
VELVET ripped a strong 73% move but got rejected hard at 1.09837. Price is now pulling back into retest zone textbook short setup. RSI pushing into overbought territory confirms the wick was a bull trap. EMA(7) showing early bearish separation from the spike high.
Entry on retest holds solid risk/reward. Take partials into TP1 and scale the rest. Watch the 0.99 level; break below that triggers the cascade. Volume dump on the reversal candles tells you smart money already exited longs.
SHORT THE SPIKE RETEST ๐ฏ
Entry Zone: 0.9900 - 1.0050
TP1: 0.9000
TP2: 0.8000
TP3: 0.6800
SL: 1.1100
VELVET ripped a strong 73% move but got rejected hard at 1.09837. Price is now pulling back into retest zone textbook short setup. RSI pushing into overbought territory confirms the wick was a bull trap. EMA(7) showing early bearish separation from the spike high.
Entry on retest holds solid risk/reward. Take partials into TP1 and scale the rest. Watch the 0.99 level; break below that triggers the cascade. Volume dump on the reversal candles tells you smart money already exited longs.