BAKEBNB - Buy Setup - Update

As per my last video analysis (attached below), we were waiting for a new swing high to form around our upper red trendline to consider it our trigger swing then buy on its break upward.

BAKEBNB formed that swing high but then traded lower to form a new lower low. so our old trigger is no longer valid.

Update:
BAKEBNB is still sitting around a strong demand zone in blue, so we are still looking for 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 red trendline is valid but now we will be waiting for a new swing high to form around it to consider it our new trigger swing. (projection in purple)

Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (new trigger)

Meanwhile, until the buy is activated, BAKEBNB would be overall bearish and can still dive inside the blue demand before going up, or even break it downward.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Comment:

04:59