On August 14, 2013, we received an Ichimoku multiple time frame buy email alert on Mini Gold Futures. Here is the email alert:
The email was for 30m and 60m. We have been trading Gold since the price level 1285 and this was a great opportunity to add some positions onto our existing long term trade. 60m was too short so we looked for an opportunity on a swing trading time frame i.e. 240m. The entry was 1315.12, initial stop of 1310.87, and a target of 1345.87. The max initial risk would be 4.25 and the max reward would be 30.75. This would give us a 7:1 reward/risk ratio i.e. 732%. Here is the chart setup.
We entered the trade and got to our target. We did not stay in the trade or go to preserve mode because the momentum is still very strong bearish on the higher time frames. When that exists, our rules have us exit the trade at the traditional preserve mode value.
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