On Sept 10, 2013, we received an Ichimoku 4 time frame Buy email alert on the Cocoa futures. The email alert is shown below:
Cocoa futures had moved up drastically. As a result, it had a very strong momentum. A big pull back would be drastic to a point, it would go back into the consolidation pattern. Therefore, we setup for a minor pull back trade where it retest the support of the consolidation pattern. The entry would be 2537, initial stop of 2522, and a preserve mode of 2583. This would give us a 15 pts initial stop and a 46 pts min. reward. The min. reward/risk would be 3:1 i.e. 300%. Here is the chart setup:
Currently, we are in preserve mode with a stop of 2568.
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