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Most traders are buying SLX right now—that’s exactly why I’m not.
$SLX /USDT - SHORT
Trade Plan:
Entry: 0.17656 – 0.17910
SL: 0.18998
TP1: 0.16872
TP2: 0.16264
TP3: 0.15353
Why this setup?
RSI on 15m is 67 (overbought) while 1D trend is range. ATR on 1h is tight at 0.005, signaling a squeeze. SHORT bias with 55% confidence means the risk/reward favors TP1 at 0.16872 before a move up. Why now? The entry at 0.17783 is a rejection zone from the 4h pivot.
Debate:
Are you shorting the range top or waiting for a breakout above 0.17910?