Ichimoku Forex Trade of the Week 11-8-13 : GBPAUD Currency Buy

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On November 3, 2013, we received a 5 time frame Ichimoku Email alert to Sell.     The email is shown below.

On examining the charts, price was at a major support on both the 4h and daily timeframe.   The daily time frame was still bullish and the bearish move was just a major pull back.  As a result, there was a low probability of breaking this support.  Instead, it had a high probability of bouncing off it and going higher.  Therefore, we setup for a bullish trade off the 4h support.   The entry was 1.6789, initial stop of 1.6748, and a preserve mode value of 1.7030.   This would give us a max risk of 40 pips and a min. reward of 241.  This would give us a min. 6:1 reward/risk i.e. 600%..   Here is the chart setup.

We have entered preserve mode with a a current stop of 1.7013.    This is now a free trade since our entry is above our stop.



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