Ichimoku Future Trade of the Week : 7-19-13 Wheat futures

On July 16, 2013, we received an Ichimoku 6 Time Frame Sell on the Wheat futures.     The email is shown below:

 

We setup the chart on a 4h time frame.   Wheat had undergone a pull back and we wanted to find a trade to retest the low.   The entry on the 4h was 673 3/8, initial stop of 676 1/8, and a target of 656.   This would give us a max. risk of 5 6/8 and min. reward of 17 3/8.   This would give us a 3:1 + reward/risk ratio.  Here is the chart:

 

The trade was exited at the target.

 

 

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About the Author Manesh Patel