PENGU Topping Out? Targeting 30% Downside After Liquidity Sweep

23. Juli

PENGU has had an explosive run, but it now looks to be nearing completion of wave 5 of its current Elliott impulse.

We’re approaching a key high at $0.04698, a likely liquidity grab zone — and potentially a great area to position for a short trade.

🧩 Short Setup Overview

➡️ Wave 5 Completion Incoming:
Price is showing signs of exhaustion as it approaches $0.04698, where liquidity is likely stacked above the previous high.

➡️ SFP Trigger Zone:
Watch for a swing failure pattern (SFP) at $0.04698 — confirmation for a potential short entry.

➡️ Psychological Resistance:
The $0.05 level also sits just above — a classic psychological barrier that may get tapped or wicked into.

🔴 Short Trade Setup

• Entry: After a confirmed SFP at $0.04698–$0.05
  
• Target (TP): Yearly Open (yOpen) — potential move of ~30%
  
• Stop-loss: Above post-SFP high
  
• R:R: Excellent asymmetry if setup confirms
  

🛠 Indicator Note

In this analysis I'm using my own indicator called "DriftLine - Pivot Open Zones [SiDec]", which I recently published.

✅ It helps highlight key open levels, support/resistance zones, and price structure shifts — all critical for confluence-based trade planning.

Feel free to check it out — you can use it for free by heading to my profile under the “Scripts” tab.

💡 Educational Insight: How to Trade Wave 5 Liquidity Sweeps

Wave 5 tops often trap late longs, especially when paired with psychological levels and key highs.

➡️ Patience is key — wait for a rejection pattern or SFP before entering.

➡️ Liquidity sweeps first — then the move.

Final Thoughts

PENGU is pushing toward $0.04698–$0.05, but this may be its final move up before correction.

With the yearly open as a logical target, and clear confluence via DriftLine, this setup offers a clean short opportunity — if confirmation comes.

Stay sharp, let price lead, and trade the reaction — not the prediction.

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26. Juli

Order storniert

🚨 PENGU Update

The entire trade idea pretty much played out but unfortunately it did so without sweeping the key high...

The original short setup on a liquidity sweep above the high is still valid, with a different TP target though, but I'd be caution overall as market structure looks different now, it could also easily blast through the key high.

🔸 I’m canceling the short setup for now and shifting focus to other opportunities.