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When I looked at $SNDK this morning, my first instinct was that something was off. The price had been consolidating for a long time, but buying momentum was getting weaker. This feeling of pressure at high levels is something seasoned traders generally don't overlook.
This opportunity didn't come out of nowhere. SNDK had tried to push up several times before but was rejected each time. The real change came after that pullback, and the rebound was clearly weak. Many people like to look for breakouts at highs, but I'm more wary of those seemingly stable uptrends, because when it's too stable, it's often a trap.
The short went from 2095.20 to 1907.02, now +431.12% has given the result. Simply put, this move wasn't about guessing; it was about waiting for it to show signs of fatigue before following. There was some hesitation along the way, but I wasn't shaken out by small bounces.
Now I'll take profits on most of it, leave a little to see if it continues, and won't overplay it. Respect the profits made from the drop; don't chase without a signal. The next opportunity is more important than one impulsive move.
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