February 8th, 2010
By: Danelle
We have a few indications of trades today.
We are showing an indication of a potential short on the USD/JPY. Also, we have indications of potential long trades on the USD/CAD and the EUR/USD.
The USD/JPY might have some very small short term downward movement, but the downward move would probably be very limited even if it moves down. So even though our indications show it has some short potential, we are going to stand aside on this pair.
The problem with the USD/CAD is that it is trading near the high price point since weeks and weeks ago. The trading range is very erratic as well, with large swings every day and no clear trend. We can't say with confidence that this pair will continue to move up, so we are standing aside on this trade.
Finally, the EUR/USD looks like it might move up. We are going to place an order for a buy at market with an initial stop loss at 1.3610. We would normally set a take profit, but on this pair of positions, we are going to set some tight trailing stops of about 35 pips or so just to lock in some profit if it moves into the profitable range.
Check back tomorrow to see how our picks make out!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Buy | Market | 1.3610 | t/s 35 |
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.
