February 3rd, 2010
By: Danelle
We have several indications of trades today.
Our trading methods indicate potential shorts on EUR/USD, USD/JPY and GBP/USD. Also, there are indications of potential longs on USD/CAD and USD/CHF.
The EUR/USD pair looks like it will be continuing its downward movement again. We are going enter with a Sell Stop at 1.3845. Our initial stop loss will be 1.3925 with a take profit set at 1.3734.
The USD/JPY is showing strong indications for downward movement, but because of the wide swings and sideways trading over the last week, we are going to stand aside on this pair. If we were to trade it, we might sell at market with a stop loss at 91.30 and a take profit at 89.40.
The GBP/USD should sell at market with an initial stop loss set at 1.6075 and a take profit of 1.5860. While we would normally place this trade, we are already in the EUR/USD so we are going to pass on this pair.
The USD/CHF may continue its upward momentum now. We are staying out of this trade just in case it continues to move down.
Check back tomorrow 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.
