XLM - Trend Following Buy Setup!

KRAKEN:XLMUSD   Lumen / U. S. Dollar
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XLM is overall bullish trading inside the blue channel and now approaching the lower blue trendline so we will be looking for trend-following buy setups on lower timeframes.

on H1: XLM is forming a trendline (in red) and an inverse head and shoulders pattern (in orange) but it is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

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

Meanwhile, until the buy is activated, XLM would be overall bearish can still trade lower.

Good luck!

All Strategies Are Good; If Managed Properly!

This analysis is done using RichTL indicator

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