$KUW Middle EastStock Market trade of the week $32-KUW 6 timeframe Buy

$KUW Middle EastStock Market trade of the week $32-KUW 6 timeframe Buy.   On April 10 we received a 6 Time frame Ichimoku Buy Email alert for $32-KUW, Industrial Weight IXW Index for the $KUW Kuwait stock market.   Here is the email alert received.

2017-04-14_190725middleemail

The $KUW stock market is trying to break out into a bullish trend.    This has been a multiple timeframe setup that has occurred for this market after a long time.  Normally, the setup are for the Saudi Market.

Below is the 60m chart provided by eSignal.

2017-04-14_190741kuwait_before

The entry was 645.80, initial stop of 643.20, and preserve mode of 653.60.   This gives a 3:1 reward/risk ratio.

The setup was in a consolidation pattern where the major support was around 638.0.     It held twice and there was a high probability it was going to retest the top around 654.00.   Also, you had a row of black square IMTF™ supports.

2017-04-14_190827kuw_after

Preserve mode was reached.    At that time, you take either 50%/75% positions off and tighten the stop.    With the tightened stop, the trade was exited at 649.  The last number of shares only yield a little over 1:1 but majority got 3:1.

 

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About the Author Manesh Patel