Ichimoku Forex Trade of the Week 4-12-13 : NZDCAD Currency

On April 7, 2013, we received a 5 Ichimoku Time frame Buy for the NZDCAD currency for the Spot Forex Market.   The email is shown below:

To keep our risk low but look for a mid-long term trade, we setup everything on a 2h timeframe.  The entry was 0.8549, initial stop of 0.8533, preserve mode 1 of 0.8614, and preserve mode 2 of 0.8776.    We used to two preserve mode values this time since there are a lot of minor resistance levels for a bullish trend.   The min. reward would be 65 to preserve mode 1 and the max risk would be 16.    This would give us a min. reward/risk of 4:1 i.e. 400% to preserve mode 1.  If we got to preserve mode 2, we would get a 1418% return.     Here is the chart setup:

 

We reached Preserve mode 1 and preserve mode 2 for the trade.   For the contracts that remained after Preserve 2 was reached, we existed the positions at 0.8709.

 

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About the Author Manesh Patel