Ichimoku Forex Trade of the Week Sept 19, 2014 : 5 time frame Sell EURGBP Currency

Sept 17, 2014 12:26:09 AM EST, we received an Ichimoku 5 time frame Sell email alert on the EURGBP Currency for the forex market.  Here is the email alert:

CURRENCY EURGBP 4hr BO Email ALert 9.17.14

 

We took the 4hr break out. Entry is .7923 and Initial stop is .8018. This gives us 95 pips risk. For a break out we need a good reward risk of 1:1. So my preserve mode is the weekly pivot low at .7779. This gives us a reward of 144 pips. This gives us more than a 1:1 reward risk. Lets take a look at the chart

CURRENCY EURGBP2 4hr BO 9.17.14

As you can see we are still headed to our preserve mode.

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About the Author Michael Colquitt