$6M Mexican Peso Futures trade of the week for the week ending April 14

$6M Mexican Peso Futures trade of the week for the week ending April 14.  On April 10,  we received a 6 Timeframe Ichimoku Buy Email Alert for the Mexican Peso Futures.  Here is the email alert:

Week ending April 14 - Mexican Peso

Our trading plan indicates we can only take strategy #4.    Therefore, trading time frame will be 240.

Below is the 240m chart provided by TradingView

Week ending April 14 - Mexican Peso chart

 

At the time of the email alert, I had the option of looking for both a bullish breakout or a bullish pullback trade.

Due to an inadequate Reward:Risk, I could not take the breakout, at which point I assessed the pullback. The pullback had ichimoku levels as support, however there was no IMTF™ support present at the time. I decided not to take the trade without IMTF™ levels but I kept an eye on this instrument.

Price eventually came down to the 240m ichimoku supports and closed below it; price continued to consolidate and eventually converted those previous ichimoku supports into IMTF™ resistance. At that point I looked for a close above that IMTF™ resistance which finally turned into an IMTF™ support. As soon as price pulled back to that IMTF™ support, this instrument took off bullish – in the direction of the email alert.

 

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 Zeeshan Ahmed