On Feb 18, 2013, we received an Ichimoku 6 Time Frame Buy Email alert on USDCAD currency for the Forex Market. The email is shown below:
USDCAD on the daily timeframe is setup to start a possible trend. We are going to setup a trade on the 4h time frame to keep our risk low. The entry would be 1.0105, initial stop of 1.0034, and a preserve mode value of 1.0195. We are going to choose a conservative preserve mode value since the daily major resistance needs to be broken before the trend can start. The max. risk is 71 pips and a min. reward is 90 pips. This is a little over 1:1 min. reward/risk we are looking at. If the daily trend occurs, it will turn into a 3:1 reward/risk ratio + . Here is the chart:
If we reached preserve mode, we exited the trade when the daily hit a major resistance. We will continue to look for a continuation trade for the daily resistance to be broken.
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