Ichimoku Forex Trade of the Week : 8-23-13 CADCHF Currency Short

On Aug 19, 2013, we received an Ichimoku 5 time frame sell on the currency CADCHF for the forex market.  Here is the email alert:

The CAD is weak and the CHF is strong against the major pairs.   We are therefore, setting up a breakout trade on the 2h time frame.  The entry would be 0.8908, initial stop of 0.8987, and a preserve mode of 0.8829.  This would give us a max initial risk of 79 pips and a min. reward of 79.   This would give us a potential of a 3:1 once the trade enters since the stop would move when we enter the trade.   Here is the chart setup:

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About the Author Manesh Patel