Forex Trade of the Week : Jan 24, 2014 -> 7 time frame Ichimoku Buy EURCAD Currency

On Jan 21, 2014, we received an Ichimoku 7 time frame Buy email alert on EURCAD Currency for the Forex market from www.ichimokutrade.com.     Here is the email alert:
Weekly_currency_jan27_2014_email
We setup the trade on the 4h since it was a cloud breakout.   The consolidation pattern showed that the bullish momentum is strong.  As a result, we are going to setup a pull back trade.   The entry is 1.4850, initial stop of 1.4818, and a preserve mode of 1.4990.   The max risk is 32 pips and the min. reward is 140 pips.  This gives us a min. 4:1 reward/risk ratio i.e. 437%.   Here is the chart setup:
Weekly_currency_jan27_2014_chart
 
The trade entered preserve mode and we exited the trade at 1.5147.
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About the Author Manesh Patel