February 12th, 2009
By: Stephanie
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It's February 12th, 2009 and time for our Angel Pair Picks!
We have a few indications of trades today.
Our trading methods indicate potential longs on USD/JPY and GBP/USD. We also have indication of potential shorts on USD/CAD and GBP/USD.
For the USD/JPY, we are setting an order to go long 2 lots at market. Our initial stop loss is set at 89.72 and for one of the lots we are placing a Take Profit order of 91.82.
Notice that we have both long and short indications for the GBP/USD. Normally, we would stay out of a trade where we have conflicting signals. But we decided to go ahead with this one on the long side. There was a lot of downward movement over the past few days, so we feel there will be some room for profits on the upside as people start taking profits on their short orders. So, we placed an order to go long 2 lots at market. Our initial stop loss is set at 1.4199 and for one of the lots we are placing a Take Profit order of 1.4409. However, for this pair we will keep our eyes open, and when it moves into profit territory, we will move our stop loss so even if the price returns to the downside, we'll still make a profit, even if it is a small one.
Finally, we placed a sell order for 2 lots of USD/CAD at market. Initial stop loss of 1.2480 and on one of the lots we are setting a Take Profit order at 1.2320. This is a bit of a risky order, which is why we placed our stop loss so close. We feel the price will move back down, based on our technical indications, but we don't want to risk too much in the event that our indicators are wrong. Also, once again, when this moves into profitable territory, we will move our stop to protect some profits, no matter how small.
Check back tomorrow to see how our picks make out! And let us know how YOUR trading is doing! {wink}
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.
