Ichimoku Forex Trade of the Week Aug 29, 2014 : 4 time frame Sell GBPAUD Currency

Aug 25, 2014 04:30:08 AM EST, we received an Ichimoku 4 time frame Sell Email alert on the GBPAUD Currency for the forex market.  Here is the email alert:

aug29_currency_email

The instrument is already trend.  As a result, we are going to keep our risk now and trade a pull back trade on the 240m.   The entry will be 1.7855, initial stop of 1.7879, and a preserve mode value of 1.7776.   This would give us a max risk of 23 pips and a min. reward of 79 pips.   This is over 3:1 reward/risk ratio.  Here is the chart:

aug29_currency_chart

We reached our preserve mode value and then we tightened our stop.  We got stopped out for a profit at 1.7743.

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About the Author Manesh Patel