5 Timeframe Sell GBPJPY Currency Trade Setup: Ichimoku 8-1-2012

In the last couple of days, the GBP currency has shown some weakness. As a result, we are looking for 1-5 day trade for a quick 100-300 pips.

Today, we received a 5 time frame sell on the GBPJPY. The email alert is shown below.

We have setup a trade on the GBPJPY for 2hr timeframe. The entry will be 121.86, stop of 122.53, preserve mode value of 121.13 and a target of 118.80. The min reward to the preserve mode value will be 73 pips and the initial risk will be 67 pips. At preserve mode, we will tighten our stop and ride the trend to our target or our trailing stop. Here is a chart showing a trade with 1 mini-lot 10,000. For the mini lot, 1 pip=1.30.

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About the Author Manesh Patel