The only way Trap Hole works on Shooting Star Dragon would be if it were flipped face-down (like with Book of Moon) then flipped face up again as Trap hole only works on Normal Flip Summons, Shooting Star Dragon has to be Synchro Summoned (a special summon). I'm sorry, I didn't want that to sound condescending so basically the first Trap Hole could theoretically be activated but only under a specific circumstance. However getting back to your question: The second Trap Hole cannot be activated because its effect reads "When your opponent Normal Summons or Flip Summons 1 Monster..." The effect has to activated immediately when the Monster is summoned so the timing is missed. This is because the first Trap Hole is activated in response to Shooting Star Dragon (in your hypothetical situation) being Flip Summoned. Trap Hole becomes Chain Link 1. Shooting Star Dragon's effect to negate and Destroy a card that attempts to destroy it (a Quick or formerly Multi-Trigger effect incidentally) becomes Chain Link 2. Although Trap Hole Technically is a Spell Speed 2 the second misses the timing because the last thing that happened was Shooting Star Dragon's 2nd effect activating. Sorry for the long answer but the short of it is that no, the above scenario cannot (legally) happen; although, it isn't actually the Spell Speed rule that prevents this from occuring. It is actually the Missed Timing rule. Hope this was helpful. If you have any other questions, I'd be happy to help; I've been playing Yu-Gi-Oh! since it was released in the USA.