$ASX Australia Stock Market trade of the week $WEB-ASX 5 timeframe Buy. On April 10 we received a 5 Time frame Ichimoku Buy Email alert for $WEB-ASX, WebJect for the $ASX Australia stock market. Here is the email alert received.
The $ASX is making new all time high and we have outlined the next resistance on previous blog. Due to the fact, there is no previous IMTF™ resistance, we need to find a low risk setup trade.
As a result, we are looking solely for pull back trades on 60m. April 6, the $WEB-ASX appeared on our multiple time buy email alert but it never had the black square supports. As a result, we could not setup for the trade. Every day, we keep on getting an email alert and we kept on checking a pull back level. Finally, we got one. As a result, we setup for a pull back trade on 60m. Below is the 60m chart provided by eSignal.
The entry was 11.34, initial stop of 11.30 and a preserve mode value of 11.55. This would give us a 5:1 reward/risk ratio. On the setup, this was an aggressive trade. The reason is that there was a purple (day/swing) resistance above the black square (swing/long). Since this was an aggressive trade, we will wait for price to get to that resistance. If it broke it, we would stay in the trade. If it didn’t, we would exit the trade. This is based on your trading timeframe rules.
Preserve mode was reached. At that time, you take either 50%/75% positions off and tighten the stop. With the tightened stop, the trade was exited at 11.56…just a little above the preserve mode level.
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