Here is 5x email alert for USDCAD. I’m very picky when play anything less than a 6x and 7x alert. When playing a 5 or less, I want to make sure I cover my zones and have a strategy in each. (zones are, 10.30.60m daytrading 120.240m swing , D and W long term) Here I have one in each. Now I can follow my 3 step trading plan.
1. Find Email Alert
2. Find iMTF
3. Money management/risk management. ( find stop by using ATR26/50. Pull Back must have 3:1 reward/risk, Breakout must have 1:1 reward/risk. )
If this pull back does not trigger then sentiment is strong bearish. I will then place break out trade.
I included a 3 pip spread into my stop.
CANCELED Trade above 1.27.16. Price is not pulling back to the MTF, show its a strong bearish sentiment. I could set up a break out order but what I want to do is keep my risk low. The Month and Weekly are still bullish. So I want to be careful. I found a lower time frame MTF on the 2hr, 1hr. 30m.& 10m. This is a 30m play. Take a look at the chart.
STOPPED OUT.
Price started to consolidate. So now I follow my consolidation rules. (look for consolidation rules in the up coming news letter). I took a break out on the 30m. Lets take look at the chart.
Also something to consider is the seasonal from alerttrades.com. It shows USDCAD to be bearish. The Daily trend is getting stopped out and the 4hr and 2hr are set up for bearish breakouts.
Take these multi time email alerts and look for Ichimoku Multi Time Frame (iMTF) support/resistance to find low risk pull backs. You can see how important it is to identify the iMTF. So when looking at the email alerts, the first thing I want to look for is the iMTF. If there is no iMTF then I don’t take the trade. If there is an iMTF, then I place a trade at that iMTF. If price does not pull back to the iMTF then this means the sentiment is strong and then I place a break out order. Use the chart to give you clues to what price wants to do. Also don’t forget about reversals. If price breaks the iMTF then look for it to come back and retest it for the reversal. As you can see there are great opportunities to find a trade. Ichimoku is designed to save you time, so is this website. Take advantage of the multi email alerts, combined with real time scanner iMTF’s to help you find high probability trades.
If you have any questions about how to use the multi time email alerts or set up real time scanner, email me at mcolquitt@ichimokutrade.com. I will set up a 30m help session.
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
EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose
