February 26th, 2009
By: Danelle
It's February 26th, 2009 and time for our Angel Pair Picks! We have several indications of trades today.
Our trading methods indicate potential shorts on GBP/USD, EUR/USD and AUD/USD. Also, there are indications of potential longs on USD/CAD and USD/CHF.
For the GBP/USD, we are going short at market with an initial stop loss at 1.4359. We are setting a profit target of 1.4120.
For the EUR/USD, we will go short at market on 2 lots with an initial stop loss of 1.2798. Our profit target will be at 1.2598 for the first lot. The second lot we will let ride with a trailing stop of 45 pips.
We are also selling the AUD/USD. We are selling at market with an initial stop at 0.6560. There is resistance at the 0.6550 level, so we think this would be a safe trade. We are setting a profit target of 0.6337 on the first lot and we will let the second lot run.
We are going long on USD/CAD at market. We will set an initial stop loss at 1.2467 with a take profit at 1.2667.
Finally, we are passing on USD/CHF. Based on the daily reversal of direction, and our trading methods, we believe the price may move up. If we were to place this trade, we would go long at market with an initial stop loss at 1.1590. Our profit target would be at 1.1748. However, to us, the risk isn't worth the potential reward, as there is no clear trend with this pair.
Check back tomorrow to see how our picks make out! Let us know how YOUR trading is doing!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Sell | Market | 1.2798 | 1.2598 (45) |
| GBP/USD | Sell | Market | 1.4359 | 1.4120 |
|
USD/JPY
|
None
|
|
|
|
|
AUD/USD
|
Sell
|
Market
|
0.6560
|
0.6337
|
| USD/CAD | Buy | Market | 1.2467 | 1.2667 |
| USD/CHF | Buy | Market | 1.1590 | 1.1748 |
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.
