Future Trade of the Week : Dec 13, 2013 5 Time frame Ichimoku Sell Wheat Futures

On December 10, 2013, we received a Ichimoku 5 time fame sell email alert for Wheat futures from www.ichimokutrade.com.   Here is the email alert:

Wheat futures was bearish and has been consolidating since 11/8.   There is a high probability of it going either way from the consolidation pattern.  As a result, we are going to setup the trade on the 4hr time frame to keep our risk low.  Also, we are going to setup a breakout trade with a tight stop since it has been consolidating for a long time.   The initial entry was 649 6/8 with an initial stop of 655 7/8.      There is no preserve mode since we are going to enter preserve mode on entry to keep our risk low.   Therefore, we will use the red line plus a buffer as a stop.    Here is the chart setup:

 

Currently, our stop if 629 6/8.     If the trade reverses, we will still make around 20 pts assuming no slippage.    We are over 3:1 reward/risk already.

 

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

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About the Author Manesh Patel