L, EMN: SP500 7 Timeframe Ichimoku Email Alert for the week ending Aug 20

L SP500 7 Timeframe Ichimoku Email Alert for the week ending Aug 20.  On AUG 16, we received a 7 time frame Ichimoku Multiple time frame email alert at www.ichimokutrade.com.   Here is the email alert:

0908_7TF_L_PB_Alert

Based on the 3 Step Trading Plan published earlier. (https://www.ichimokutrade.com/c/?p=10431), we looked at a iMTF Bullish Pull Back Trade on a 120m time frame provided by eSignal.   Here is the chart setup:

0908_7TF_L_PB

There is a 240/120/60/30/10 iMTF support @41.08, which is also our entry. Initial stop is 40.99.  Our target will be the pivot high @ 41.35. Now, the reward risk ratio was a 3:1, hence we took the trade as it did fit our trade plan.

EMN SP500 7 Timeframe Ichimoku Email Alert for the week ending Aug 20.  On AUG 18, we received a 7 time frame Ichimoku Multiple time frame email alert at www.ichimokutrade.com.   Here is the email alert:

0908_7TF_EMN_PB_Alert

Based on the 3 Step Trading Plan published earlier. (https://www.ichimokutrade.com/c/?p=10431), we looked at a iMTF Bullish Pull Back Trade on a 60m time frame provided by eSignal.   Here is the chart setup:

0908_7TF_EMN_PB

There is a D/240/120/60/30 iMTF support @ 65.45, which is also our entry. Initial stop is 65.70.  Our target will be the pivot high @ 64.37. Now, the reward risk ratio was a 3:1, hence we did take the trade as it did fit our trade plan. However, the trade did a reversal. Looking at this trade, we can see that the MTF support is in the middle of a consolidation pattern and price was consolidating. Taking a PB during a consolidation is always a big risk.

If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com

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About the Author Eric Chai