Taking Half Off for Profit - XLM

#XLM #stellar #trader

I know we’re nowhere near our final target so let me take a bit of time to explain the rationale of the profit take here on Stellar Lumens.

First, we’re nearing big resistance overhead.

Second, this is in conjunction with RSI resistance at overbought.

Third, our overhead resistance happens to also be a neckline for an Inverse H&S. I imagine we’ll need some momentum to get through this. But if not, taking half off was still the safe move because compared to my other holdings, I was more overweighted on this trade.

I expect this thing to come back down to .12-.125 cents at some point in the future. At this point, if I had the cash aside, I would re-enter the half that I took off. As you know, this is generally how I play longs and multiply my buying power during bull runs like this. It has worked very well for me in the past. I have no reason to believe it won’t work again.

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