December 4th, 2008
By: Stephanie
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It's December 4th, 2008 and time for our Angel Pair Picks!
We have several indications of trades today, but we are going to hold off on trades until after the Sunday Open.
Our trading methods indicate a potential short on GBP/USD. Also, there is indication of a potential long on the USD/CAD pair.
The GBP/USD may be a potentially profitable short trade. We are going to place two 1-lot market orders to short the pair, with our initial stop loss at 1.4895. For one lot we will set a Take Profit order at 1.4475 and a 100 pip trailing stop for the second lot. We will be cautious as the previous day is showing a Hammer signal, which could be a sign of a reversal.
We also place two, 1-lot buy market orders for the USD/CAD. We will set the initial stop loss at 1.2665. Our profit target for the first lot is 1.2835, and we will trail a stop for 100 pips. Again, we will keep our eyes on it since it is nearing the resistance level at the 1.2950 level, and the longs may start taking profits.
Check back Tomorrow to see how our picks make out! Good Trading Guys!
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.
