and now OMG is sitting around the lower brown trendline and green support, so we will be looking for buy setups on lower timeframes.
DAILY: Left Chart
OMG is forming a channel in blue but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing.
Trigger => Waiting for that swing high to form around the blue trendline and then buy after a momentum candle close above it. (projection in purple)
Or waiting for a break above the last high in gray and above the blue trendline. (projection in red)
Meanwhile, until the buy is activated, OMG would be overall bearish can still trade lower inside the green support before activating the buy setup.
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
