$AEM-TC Agnico Eagle Mines: Canadian Stock Trade of the Week for the Week Ending May 5.On May 1, we received a 5 Timeframe Ichimoku Buy Alert for Agnico Eagle Mines. Here is the email alert:
Our trading plan indicates that we can only take strategy #4. In this particular case, we chose the 60m.
Below is the 60m chart provided by eSignal.
At the time of the email alert, I had the option of looking for either a bullish breakout or a bullish pullback trade.
Since there was an IMTF™ support in place, I decided to further explore the pullback set up to keep my risk relatively small. The pullback trade provided an adequate Reward:Risk. Price eventually got to my entry at the IMTF™ support and held; price soon went back up and got to my target!
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.