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Stellar Lumens (XLMUSD) has a long term wedge formation dating back to the first of the year. This market has the chart pattern makings of a potential decent move up. The key resistance is our Monthly Pivot Range which the price will need to close above in order for the bias shift to turn bullish.
The Daily Pivot Moving Average has turned upward (14 day to 30 day: red, yellow) and is looking likely it will achieve a bullish crossover. Be mindful of the swing low low as this is key support, that if broken, would confirm a continuation of the bearish trend.
This is a longer term trade with which we can be conservatively patient and wait until the price closes above the Monthly Pivot Range before entering long. If the market unfolds with this scenario, then the setup will be a very good risk reward trade.
The action to take is to buy when the price closes above the Monthly Pivot Range high level and place the stop loss below the Monthly Pivot Range low. Place the profit targets as stated.
Entry Price: .34750000
Stop Loss: .31350000
Profit Targets: First profit target .45500000. Second profit target .49750000. Once price reaches first profit target bring the stop loss to breakeven (entry price). Then as price moves higher trail a stop loss .02000000 points back until 2nd profit target is reached or stopped out.
