Forex Trade of the Week : April 4, 2014 -> 6 time frame Ichimoku Sell GBPCAD Currency

On April 2 2014, we received an Ichimoku Forex 6 time frame Sell email alert on GBPCAD currency from www.ichimokutrade.com.     Here is the email alert:
weekly_currency_4_4_14_email
On the email alert, the 2h time frame had an Ichimoku setup.    The red arrow shows where the email alert was received.    The instrument has been consolidating on the 2h time frame.  As a result, we are going to setup for a pull back trade to keep our risk low.      The pivot high were going lower so there was a high probability that we could be breaking out bearish.   Also, this was a 6 time frame sell.   All of this increased our probabilities that we could breakout bearish very soon.    We setup for a trade with an entry of 1.8368, initial stop of 1.8399, and a preserve mode value of 1.8279.    This would give us a min. reward of 0.0089 and a max risk of 0.0031.   This is close to a 3:1 reward/risk i.e 300%.     Here is the chart setup
weekly_currency_4_4_14_chart
The trade has entered and we are in preserve mode now.     Our stop is below the preserve mode value.   This is a “free trade” were our stop is below the entry.   As the trend continues to go down, we lock in more and more profits.    There is no risk in the trade now.   All we have to do is follow our trading plan and get out when the market tells us that the bearish trend is over.
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