$ASX Australia market trade of the week $APA Group. We received a 5 time frame Ichimoku buy email alert on March 13, 2017. Here is the email alert:
APA-ASX had a setup on 10m,120m,240m, and Daily. Notice, there was no setup on the 30m and 60m. This typically indicates that the instrument is consolidation. As a result, we are going to look at the 240m for trade entry with low risk.
Below is the 240m chart provided by eSignal
The chart shows a bullish green zone with black squares. These are the two requirements needed in order to setup for a trade. The entry would be 8.54, initial stop of 8.46, and a preserve mode of 8.82. This would give us a 3:1 reward/risk.
Here is the daily timeframe.
All our basic requirements were met so let’s make some observations. In the past, the last failure was a bullish setup. Even though it failed, it still held the black squares in the end, It was a volatility spike that caused the failure. With our advance Ichimoku rules (taught in 1 month mentoring), we know that we could not take a pull back trade, only a breakout trade. Also, instead of going bearish after the failure, the instrument setup again in a short amount of time with another bullish setup. This second setup met our advance rules so we could place a pull back trade.
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