$KUW Middle EastStock Market trade of the week $32-KUW 6 timeframe Buy. On April 10 we received a 6 Time frame Ichimoku Buy Email alert for $32-KUW, Industrial Weight IXW Index for the $KUW Kuwait stock market. Here is the email alert received.
The $KUW stock market is trying to break out into a bullish trend. This has been a multiple timeframe setup that has occurred for this market after a long time. Normally, the setup are for the Saudi Market.
Below is the 60m chart provided by eSignal.
The entry was 645.80, initial stop of 643.20, and preserve mode of 653.60. This gives a 3:1 reward/risk ratio.
The setup was in a consolidation pattern where the major support was around 638.0. It held twice and there was a high probability it was going to retest the top around 654.00. Also, you had a row of black square IMTF™ supports.
Preserve mode was reached. At that time, you take either 50%/75% positions off and tighten the stop. With the tightened stop, the trade was exited at 649. The last number of shares only yield a little over 1:1 but majority got 3:1.
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