Ichimoku Forex Trade Setup: NZDCAD 4 Time frame Sell Currency

This morning around 8:27 am EST, we received a 4 timeframe Forex multiple time frame email alert Sell Signal for the Forex market.    Here is the email alert:

072914_nzdcad_email

The lowest time frame with the cloud strategy (4) is the 60m.  Therefore, we are going to setup a pull back trade on the 60 minute time frame.   The entry will be 0.9221, initial stop of 0.9231, and a preserve mode of 0.91896.   The min. reward is 0.0034 pips and the max risk is 0.0010.   This is over 3:1 reward/risk i.e. 300%+.    Here is the chart setup:

072914_nzdcad_chart_setup

The pull back entry matches at multiple time frame levels.   The 60m SKB matches the 10m SKB, 30m SKB, 120 KS, and 240 TS.    We would like it to be at the Daily, Weekly, or Monthly but that isn’t there right now due to the consolidation pattern on the Daily.    This trade is trading to the bottom of the consolidation pattern and then waiting to see if we can break it since the Daily momentum is good.

 

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