ForexTrade of the Week : May 23, 2014 -> 5 time frame Ichimoku Sell USDMXN Currency

On May 19 2014, we received an Ichimoku Forex 5 time frame Sell email alert on USDMXN  currency from www.ichimokutrade.com.     Here is the email alert:

weekly_currency_5_23_14_email

The red arrow on the chart shows when the email alert was received.    Price has slowly being going down in an ugly fashion.   However, this is the first time, we got a multiple time frame email alert.   As a result, we are going to setup a 240m pull back trade.   The entry is 12.9340, initial stop of 12.9507, and a preserve mode of 12.8700.   This would give us a max risk of 0.01674 and a min. reward of 0.06334.     This gives us a min. reward/risk of  3.7:1 i.e. 379%.   Here is the chart setup:

weekly_currency_5_23_14_chart

 

Currently, we are in preserve mode where the stop if 12.8997.

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

EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.

About the Author Manesh Patel