February 9th, 2010
By: Lisa
We have a lot of indications of trades today!
We are showing indications of potential shorts on USD/JPY, USD/CAD and USD/CHF. Also, we have indications of potential longs on USD/CAD, EUR/USD, USD/JPY and AUD/USD.
Notice we have indications of long and short trades on the USD/CAD. Our indications show that there might be a little profit in a very short term buy on the pair, but also that there is profit potential on the longer term sell on the pair. Because of this, we are standing aside on this trade, as we are unsure which direction the pair is likely to go and would rather not take the gamble.
As for the USD/JPY, it too has indications of both a long and a short. While we should probably pass on this trade, we are going to place a sell at market. Our stop loss is set at 89.76 with a take profit at 88.36. The sell potential appears to be stronger, but since the past two days have been up days, it is definitely a risk we probably shouldn't take.
Finally, the EUR/USD looks like it might move down. We are going to place an order to sell at market with an initial stop loss at 1.3820. Our take profit setting is at 1.3641, but we are going to trail a tight stop of 35 pips, just to lock in some profit once it moves into the profit range.
As for the AUD/USD, we are going to pass on this trade because we already have a few trades going on. If we were to trade this pair, we would place a buy at market with an initial stop loss at 0.8579 and a take profit at 0.8760.
Check back tomorrow to see how our picks make out!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Sell | Market | 1.3820 | 1.3641 |
|
USD/JPY
|
Sell
|
Market
|
89.76
|
88.36
|
|
AUD/USD
|
Buy
|
Market
|
0.8579
|
0.8760
|
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.
