Tuesday, April 20, 2010

TLT setup...

This is a chart that I watch for discretionary trading...shows setups well. This setup is at cycle resistance in a confirmed downtrend in a persistent down cycle and a sell setup on the m3WR.

Also, there are multiple resistances at these levels.

From a technical perspective, a breakout of the trendline is a high risk of being false and may reverse to new lows. If that's the case, its another example of why its so hard to trade trendlines.

This is the system chart:
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