December 9th, 2008
By: Stephanie | Posted:December 9, 2008 12:00 am
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It's December 9th, 2008 and time for our Angel Pair Picks!
We have a two indications of trades today.
Our trading methods indicate potential shorts on EUR/USD and GBP/USD. Also, there are indications of potential longs on EUR/USD and GBP/USD.
Notice that both pairs appear in opposite trades. This tells us that it is unclear which direction the prices may go.
If we look at the EUR/USD chart, you can see that the candle yesterday is a spinning top. It shows a lot of indecision between the bears and the bulls, so while the general trend is up, it could easily reverse for a down day.
As for the GBP/USD, there is definate bullish divergence signal, which could indicate that the price will soon rise. If we were to trade this pair, we would look for a longer term trade, entering at 1.4990 on a buy stop. Our initial stop loss would be set at 1.4466, which is more than a 500 pip stop. This means if the trade goes bad, we could lose $5,000 per lot traded. This is more risk than we care to take.
So we are standing aside on trading today. We'll look for another trade tomorrow. 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.
