December 5th, 2008
By: Ashley
We have a few indications of trades today.
Our trading methods indicate a potential short on AUD/USD. Also, there are indications of potential longs on EUR/USD and USD/CHF.
The AUD/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 0.6461. We know the stop loss is very tight, and we are setting it so close to minimize our loss if the market immediately turns against us. For one lot we will set a Take Profit order at 0.6316 and a 50 pip trailing stop.
We will also place two, 1-lot buy market orders for the USD/CHF. We will set the initial stop loss at 1.2119. Our profit target for the first lot is 1.2400, and we will trail a stop for 100 pips.
For the EUR/USD pair, we are going to place two,1-lot buy stop orders to enter at 1.2801. Our intitial stop will be set at 1.2624, with a Take Profit order on the first lot at 1.2878. We will also set a trailing stop for 50 pips.
Check back Sunday or Monday to see how our picks make out!
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.
