Ichimoku Forex Trade Setup : 7 Time frame Sell NZDJPY Currency

Aug 12, 2014 09:26:08 AM EST , we received an Ichimoku forex 7 time frame email alert sell on the currency NZDJPY.   Here is the email alert:

aug12_currency_email

The monthly time frame is bullish and almost a minor support.   As a result, we are going to put a pull back trade on the 60m with a very low risk.   The entry will be 86.25, initial stop of 86.33, and a preserve mode at 85.88.    This will give us a max risk of 8 pips with a min. reward of 37 pips.    With the spread, this is over 3:1 reward/risk ratio i.e. 300%.     We will put an alert at 85.66 which is the monthly support to see what happens at this price.   Here is the chart setup:

aug12_currency_chartl

 

 

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About the Author Manesh Patel