April 14th, 2010
By: Danelle
It's April 14th, 2010 and time for our Angel Pair Picks!
We have a few indications of trades today.
We are showing indications of potential shorts on USD/CAD and EUR/USD. Also, we have indications of potential long trades on the USD/JPY and AUD/USD.
The USD/CAD has been in a fairly strong downtrend for the past several days. However, it is reaching support at the 0.9960 level. While our methods indicate a continuance of the downtrend, we feel there isn't enough downward movement left to make a profitable trade. We are going to pass on this trade. However, if we were to trade it, we would place a Sell Stop order at 0.99500, with an initial stop loss set at 1.00900. Aiming for a profit target at 0.9900, we would follow a trailing stop of around 30 pips. But due to the poor risk/reward ratio and being near a point of support, we are going to pass on this trade.
The EUR/USD might be a good short, especially considering the large gap up at the start of the week. We are going to place a sell at market order, with an initial stop loss at 1.36950. Setting the profit target at 1.35600, we will again trail a stop at 35 pips.
The USD/JPY looks like a potentially good trade. However, the ADX is trailing off quite a bit, and the last few days have shown a lot of indecision. The problem is that it could return to the recent down trend instead of continuing up. We are going to pass on this trade, but if we were to trade it we would set a buy at market order with an initial stop loss at 92.550 and a take profit at 94.600, again following a trailing stop of about 35 pips.
Finally, the AUD/USD is sitting high near a point of resistance, so we will be passing on this trade. If we were to trade it, we would buy on a stop at 0.93830. This will require the price to break through the resistance, and then would hopefully continue to rise. Setting an initial stop loss at 0.92400 is a large 143 pip stop loss, so it is risky, which is another reason we are passing on this trade.
Check back tomorrow for more Angel Pair Picks! Let us know how YOUR trading is doing!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Sell | Market | 1.36950 | 1.35600 (35) |
| GBP/USD | ||||
|
USD/JPY
|
Buy | Market | 92.550 | 94.600 (35) |
|
AUD/USD
|
Buy Stop | 0.93830 | 0.92400 | 0.94350 (30) |
| USD/CAD | Sell Stop | 0.99500 | 1.00900 | 0.9900 (30) |
| USD/CHF |
IMPORTANT NOTE: These are not Forex picks nor Forex recommendations. This information is provided for educational and informational purposes only. Use this information at your own risk. You MUST apply your own trading methods and your own opinions to an Angel Pair Pick to determine if a trade should be considered. Also, you do not need to trade all of the Angel Pair Pick pairs, nor should you. There's no need to place more than a few trades on any given day and our recommendation is when you get to 6 open positions, don't add any more trades until one of them is closed out.
Note: Forex, futures, stock, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using Angel Pair Picks will generate profits or ensure freedom from losses.
