Ichimoku Forex Trade of the Week : 7-26-13 GBPCAD Currency

On July 23, 2013, we received an Ichimoku Forex 6 time frame sell email alert for the GBPCAD currency.   The email alert is shown below:

We setup for a 4h chart since it will be a counter trend trade.  A target will also be chosen since we are trading within a wide consolidation pattern.   The entry would be 1.5850, initial stop of 1.5867, preserve mode value of 1.5805, and a target of 1.5767.    This would give us a max risk of 0.0017 and the min. reward  0.0045 to preserve mode and 0.0083 pips to the target.    This would give us a 4:1+ i.e. 488% reward/risk.   Here is the chart setup:

 

We exited out at the target.

 

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