Forex Trade of the Week : April 25, 2014 -> 5 time frame Ichimoku Buy SGDJPY Currency

On April 21 2014, we received an Ichimoku Forex 5 time frame Buy email alert on SGDJPY currency from www.ichimokutrade.com.     Here is the email alert:
weekly_currency_4_25_14_email
The blue arrow shows when the email alert was received.    Since we are trading within a consolidation pattern, we need to keep our risk low.   As a result, we will setup a pull back trade if we can get a 3:1 to the top of the consolidation pattern.     The entry would be 81.68, initial stop of 81.34, and a preserve mode of 82.36.   This gives a max riks of 0.34 and a min. reward of 0.68.   This would give us only a 2:1 reward/risk for a pull back trade.  Due to the low risk/reward, we will not enter this trade.   Here is the chart setup with the results.
weekly_currency_4_25_14_chart
This week, there has not been many good opportunities in currencies.  A lot of the higher time frames are in conflict.   As a result, patience is the key to trading right now until the higher time frames get aligned again.
If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com
 
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About the Author Manesh Patel