BNGO - Buy Setup Forming!BNGO is overall bearish (short-term) and since it is approaching a demand area in green, we will be looking for trend-following buy setups.
Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?
Our upper red trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, BNGO would be overall bearish can still trade test the green demand zone or even lower.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
