Trading TLT on the 4 hour Chart
Going long on TLT at 119.30 (around bottom of uptrend channel in blue). Stop loss is a daily close below 117. Target is 123 and then 124-70 - 125 depending on where the channel resistance is at the point of the push up north. Hope this is not too difficult to understand Chart looks a bit cluttered as there are several interpretations of the chart depending on the time frame being studied.
Comment:
If TLT moves past 121.60 with strength, then this will also be a buy signal. Target of 125 looks likely with such strength if it were to happen.
Comment:
Didn't make the TLT trade even though 121.60 was exceeded. My reservation comes from how TLT is hugging the red trend line as it goes lower. In addition, it is not showing the same strength as gold. However a break here and a push past the red downward sloping trendline will see TLT headed to 123.
Comment:
Long TLT with stop at 118. First target 121.10. Next target ranges between 123.30 - 124.30. This is a wide range and is dependent on the price action in the new trading week ahead.
