$VELVET (1h) - Bearish Rejection Setup


Bias: Short
Entry (Zone): 0.5400 - 0.5650
Targets:
TP1: 0.4700
TP2: 0.4100
TP3: 0.3600
Stop Loss: 0.6100
Why this Setup:
I’m looking for a short after the strong spike into resistance, because the move appears extended and I want to fade any rejection from this supply zone. I’ll watch for a rollover back under the recent breakout area before expecting a cleaner move toward the prior range lows.
VELVET28.38%
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