Forex Trade of the Week : March 7, 2014 -> 6 time frame Ichimoku Sell AUDNZD Currency

Posted on March 10th, 2014 by

On Mar 04, 2014, we received an Ichimoku 6 time frame Sell email alert on AUDNZD Currency for the Forex market from www.ichimokutrade.com.     Here is the email alert:

Weekly_currency_mar7_2014_email

 

We setup the trade on the Daily since it was a cloud breakout.    The entry was 1.0756, initial stop of 1.0819, and preserve mode value of 1.0544.    There is still potential for the instrument to go lower so we will tighten our stop at the preserve mode value instead of getting out as a target.   The max risk is 45 pips with a min. reward of 212 pips.  This gives a min. of 4.7:1 reward/risk i.e. 471%.     Here is the chart setup:

Weekly_currency_mar7_2014_chart

 

The trade as triggered and price is slowly moving down.  The current stop is still the red line since the green line has not moved down yet.

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