Based on the latest analysis of the DOGE/USDT chart using smart money concepts (SMC) and ICT principles, scalp trade setup:
Position: Short
Entry Point: $0.395 (current resistance level, potential liquidity grab area)
Stop Loss (SL): $0.405 (above recent liquidity sweep to protect against false breakouts)
Take Profit (TP): $0.375 (aligned with a 1:3 risk-reward ratio, targeting recent support levels)
Analysis
1. Liquidity Trap: Recent price action suggests that DOGE swept liquidity above recent highs (also referred to as “turtle soup” in ICT terms) and failed to hold, indicating potential downward momentum.
2. Market Structure: The market is in a potential distribution phase after a bullish run, where price might reverse downward to seek liquidity at lower levels.
3. Order Blocks: There is an unmitigated order block near the entry point, which could act as resistance and a potential reversal point.
This setup aligns with SMC and ICT strategies, focusing on liquidity grabs, break of structure (BOS), and the use of order blocks. Be mindful of market volatility and news that may affect DOGE/USDT. Always manage risk according to your personal strategy.