Currency Forex Ichimoku Trade of the Week 8-3-12

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With all the news last week, there were not many long term trend trades. There where a few counter trend opportunities.

Below is a counter trend trade on the CADJPY. Since it was counter trend, we setup for a pull back trade to keep the risk low.

The entry was 78.15, initial stop of 77.99, and a preserve mode value of 78.71. The min. reward was 56 pips with a max risk of 16 pips. This would be a 350% min. profit. The current chart is shown below.

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