Weekly Ichimoku Currency Trade of the Week in Forex : 2-22-13 : USDCAD Buy

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  • Weekly Ichimoku Currency Trade of the Week in Forex : 2-22-13 : USDCAD Buy

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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