January 18th, 2010
By: Danelle
We have several indications of trades today, but we aren't going to place any of them. Here's the deal:
Our trading methods indicate potential shorts on USD/CAD, USD/CHF, EUR/USD and GBP/USD. Also, there are indications of potential longs on AUD/USD, EUR/USD, USD/CHF and USD/JPY.
For the USD/CAD pair, 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 1.0230. Our profit target would be 1.0325, but we aren't going to take this trade. The pair might have some downward movement left, but it is very near a large support point around 1.0220. While our indications show there is downward movement, we think it will be minimal, if not bullish.
The USD/CHF may continue its roller coaster ride, but seeing as how we have both buy and sell indications, we are not going to take this trade either. It looks to be fluctuating in a pretty wide range, and with no solid trend to latch on to, we are going to stand aside and wait for something more promising.
The EUR/USD pair is another potential long and short trade. The upward trend of the past day or so could be simple profit taking, and the downward trend could continue. But it could also signal the start of an upward trend. So instead of risking a guess, we are going to wait.
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.
The AUD/USD has had a pretty good up trend over the past couple of weeks, but the last several days have showed some sideways trending. It may be consolidating for continued upward movement, but we are going to stand aside because it is also trading near a point of resistance, and we believe it could also start coming back down. If we were going to trade this, we might go long at market, with an initial stop loss at 0.9170 and a profit target at 0.9308. But we are going to pass.
Finally, our trading method is indicating a potential long trade on USD/JPY. According to our indications, we would place a Buy Stop order at 91.30, with an initial stop loss at 90.30 and profit target at 92.00.
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
|
|---|---|---|---|---|
|
USD/JPY
|
Buy Stop
|
91.30
|
90.30
|
92.00
|
|
AUD/USD
|
Buy |
Market
|
0.9170
|
0.9308
|
| USD/CAD | Sell | Market | 1.0230 | 1.0325 |
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.
