SEI → Going for a Third Leg Up! Reaching Prices Over $1.00?SEI has been marching in a bull run since October of 2023 and has two strong legs up so far. We appear to be gearing up for a third, is this the time to enter a long position?
How do we trade this? 🤔
SEI has been a top mover recently and with such bullish strength, we should only be looking at long positions. It was reasonable to long $0.02 ago at $0.665 for at least a 1:1 Risk/Reward scalp to the top of the bull channel. Stop loss placed below the previous low of $0.565, take profit set at $0.82. It's also reasonable to take half profits at 1:1 Risk/Reward and swing the rest to 1:2 Risk/Reward at a second take profit of $0.975.
💡 Trade Idea 💡
Short Entry: $0.663
🟥 Stop Loss: $0.555
✅ Take Profit: $0.820
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Strong bull channel with small pullbacks.
2. Two legs up with a third beginning.
3. Signs of support on the Daily 30EMA.
4. RSI at 53.00 and above the Moving Average, supports long bias.
5. Bitcoin may have another retest of the $48,000 area which should boost the crypto market.
💰 Trading Tip 💰
It's reasonable to take half profits at the first resistance target in a long trade, or the first support target in a short trade. Using a 1:1 Risk/Reward Ratio for your first target, you can move your stop loss up to your entry price, locking in profits. This allows you to watch the rest of the trade be executed without worry of losing money. This helps improve trading psychology and the equity in your account.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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