January 17th, 2010
By: Ashley
We have several indications of trades today, but we aren't going to place any of them. We don't normally like trading on Sundays, since they are often unpredictable due to the weekend shutdown.
Our trading methods indicate potential longs on EUR/USD and USD/JPY. Also, there are indications of potential shorts on USD/CHF, USD/CAD, USD/JPY and GBP/USD.
The EUR/USD pair might have a small short term uptrend. We are going to pass on this trade since the risk/reward ratio isn't very good, but if we were going to trade it we would place a Buy Market order with an initial stop loss of 1.4275. Our take profit setting would be 1.4430. However, keep a close trailing stop of around 25 pips.
As for the USD/JPY pair, we have indications of both long and short potentials, thus we are standing aside since we aren't sure which way the market will move.
The USD/CHF shows a little promise of a reversal based on potential profit taking, however considering the recent several day uptrend it could continue to move up. If we were going to trade this, we would enter a sell order at market with a stop loss of 1.0300 and a take profit at 1.0195. But definitely keep a close trailing stop to lock in any profits.
The USD/CAD pair has been a bit unpredictable lately, so we are going to pass on this trade. If we were to take it, we would place a sell order at market with an initial stop loss at 1.0350. Our profit target would be 1.0240, but we aren't going to take this trade. It is very near a large support point around 1.0220.
GBP/USD is showing a potential short, but the overall trend over the past week or so has been a solid up direction. Fundamentally there is no reason that the pair should reverse, and it is currently trading in almost the exact middle of its range for the past several months. Our technicals are saying its time for a short, but we aren't so sure. We are going to wait on this trade as well.
So, even with all the indications, we don't feel strongly about placing any trades today. Check back tomorrow to see how our picks make out!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Buy | Market | 1.4275 | 1.4430 (t/s 25) |
|
AUD/USD
|
Sell
|
Market
|
0.6390
|
0.6325
|
| USD/CAD | Sell | Market | 1.0350 | 1.0240 |
| USD/CHF | Sell | Market | 1.0300 | 1.0220 (25) |
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.
