My strategy is something similar. Whenever I found something that's hyping a lot in its initial rise, I jump in and set small targets to sell at profit. I don't keep such sell points too high as they would eventually fall, they are at about x0.25, x0.5 upto x3 and no more.
After the initial rise, I wait for it to fall and stabilize, meme coins that have rapid rise would fall rapidly. If you don't give it time to settle, you may fall for a bull trap. So, once the coin falls, you should at least wait for a week to invest again. Memecoin being highly traded coins, generate many small ups and downs which if traded methodically can generate you profit. Currently I'm grid trading BOME.