February 17th, 2009
By: Ashley
The player will show in this paragraph
It's February 17th, 2009 and time for our Angel Pair Picks!
We only have one indication of a trade today, but we are going to pass and take the night off.
Our trading methods indicate a potential long on the USD/CAD.
Studying the chart, there was a huge jump in price the past day. I think there will be some profit taking, and therefore the price should drop. We aren't going to take this trade because the risk/reward ratio is too risky for not enough reward. Our trading method shows going long at market, with an initial stop loss set at 1.2379. Our take profit order would be near the 1.2750 level, and since the market is currently trading at 1.2620, we would be risking 250 pips for a potential profit of 130 pips. However, the current price is trading near the top end of the range over the past several weeks. We see resistance at the 1.2700 level, so we believe the price will reverse. That's why we are passing on this trade.
One thing I learned is that sometimes the best trades are the trades you don't make. We trade on positive indications of trends, to maintain high probability low risk profitable trades. When we don't see them, we won't trade. Sure, sometimes we miss out on some nice moves, but we are up over 40% this month already. I'd say we must be doing something right!
However, keep checking back with us here at PipsAngels.com. When we see some good trade potential, we'll be sure to let you know!
Let us know how YOUR trading is doing!
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.
