We took a long position on ALLO because it showed a strong breakout. I also noticed that many exchanges were promoting it on the top gainers list. At the same time, a lot of inexperienced traders were opening short positions.
When too many traders go short during a strong breakout, the market often moves higher and liquidates those positions. As a result, ALLO moved up strongly and around $357 million worth of short positions were liquidated.
Alhamdulillah, this move gave us 1018% profit. 🔥
Enjoy your profits, and let’s wait patiently for the next great opportunity.
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