$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:
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
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.
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