Ichimoku Forex / Currency Trade Setup : EURNOK 2h chart

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We received a multi-timeframe email alert on the EURNOK trade. The trade is a bearish trade i.e. you are betting on it going lower. This is an opportunity but doesn’t mean it is ready to go. It still has to “prove” to us that it is going to start a trend. Therefore, we are going to place a entry order below the major support.

Below is the chart. The entry is 7.4788 with a stop of 7.5348 and a PRESERVE mode value of 7.3966. This gives us a reward of 0.0822 and risk of 0.0560. This is reward/risk of 1.46 i.e. 146% profit. This is the initial reward/risk but will be better by the time we enter since our stop will be better when we enter the trade. When price reaches your PRESERVE mode value, we will tighten our stop and protect our profits so we don’t go “round trip”.
NOTE1: We use a “trailing stop”. Therefore, the stop will need to be adjusted every 2h once we enter the trade.
NOTE2: EURNOK is also considered an “exotic” currency. The spread can be around 50 pips. 1 pip is typically equivalent to 0.20 instead of $1.00. Therefore, this is equivalent to a 10 pips spread in theory.
To find out how to receive the Multi-Timeframe email alerts, please go to www.ichimokutrade.com. 30 day free trials are available. The website also has a lot of Education resources too.

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