On April 26, 2013, we received an Ichimoku Multiple Time Frame Sell Email alert on the stock, INTU, Intuit inc. The email is shown below:
We decided to setup the trade on a 4h chart since there was a huge gap before this date. Due to the gap, we are going to setup for a pull back trade since the breakout trade would be a huge risk. The entry was 60.81, initial stop of 61.54, and a preserve mode of 56.05. This would give a min. reward of 4.76 and a max risk of 0.73. This would give us a 6:1 reward/risk ratio i.e. 652%. Here is chart setup:
We are in the trade right now. It is profitable but our stop has not moved down yet for the trade to become free. Also, we took this trade short because it was part of the Nasdaq. Right now, the Nasdaq is the weakest of the Dow and SP500.
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