BNGO Trading Strategy: Market Analysis and Profit Targets
Strong Support: BNGO presents a buying opportunity.
Market Structure: The weekly chart shows the completion of impulse waves 1, 2, 3, 4, and 5, and now we are entering correction waves ABCD.
Stop Loss: Set at the Fibonacci extension of 127.2 (equivalent to $1.10).
Profit Targets: Fibonacci Retracement between 0.5 ($10.7) and 0.618 ($13).
First Target: $10. Here, I suggest taking 20% of the profits.
Second Target: $12. At this level, taking another 20% of the profits is recommended.
Final Target: $24. This is the point where I recommend taking the largest portion of the profits, which is the remaining 100% of the position.
PS: From my perspective, I plan to keep 20% of my position until it reaches $40.
Risk Management: My strategy involves a clear plan for taking profits at various levels, aiding in risk management, and securing gains.
Personal Opinion: This reflects my opinion, and I encourage others to consider taking profits in a staggered manner, as per my suggested levels.
It's essential to understand that this is a personal viewpoint and strategy. Market conditions can shift unpredictably.
Traders should do their own research and assess their risk tolerance before adopting any trading strategy.
Please be aware that this analysis represents my perspective and is not professional financial advice. I am not a financial advisor. Each individual should research thoroughly and consider all risks before making investment decisions. Markets are inherently unpredictable, so informed and cautious trading is always advisable.
Market Structure: The weekly chart shows the completion of impulse waves 1, 2, 3, 4, and 5, and now we are entering correction waves ABCD.
Stop Loss: Set at the Fibonacci extension of 127.2 (equivalent to $1.10).
Profit Targets: Fibonacci Retracement between 0.5 ($10.7) and 0.618 ($13).
First Target: $10. Here, I suggest taking 20% of the profits.
Second Target: $12. At this level, taking another 20% of the profits is recommended.
Final Target: $24. This is the point where I recommend taking the largest portion of the profits, which is the remaining 100% of the position.
PS: From my perspective, I plan to keep 20% of my position until it reaches $40.
Risk Management: My strategy involves a clear plan for taking profits at various levels, aiding in risk management, and securing gains.
Personal Opinion: This reflects my opinion, and I encourage others to consider taking profits in a staggered manner, as per my suggested levels.
It's essential to understand that this is a personal viewpoint and strategy. Market conditions can shift unpredictably.
Traders should do their own research and assess their risk tolerance before adopting any trading strategy.
Please be aware that this analysis represents my perspective and is not professional financial advice. I am not a financial advisor. Each individual should research thoroughly and consider all risks before making investment decisions. Markets are inherently unpredictable, so informed and cautious trading is always advisable.
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PART 2
