January 31st, 2010
By: Ashley
We have two indications of trades today.
Our trading methods indicate potential shorts on USD/JPY and GBP/USD. We are going to stand aside on them right now because both pair seem to be oversold at the moment.
The Yen has been trading in a haphazzard manner over the past few days. Wide swings and a short term uptrend lead us to believe this is not a wise trade.
The Pound is giving us mixed indications. There might be a very short term up trend while the pair consolidates, but we think it will generally continue its downtrend. We are going to stay out of this trade. If we were going to trade this, we would go short for the longer term trade. Enter on a Sell at market with an initial stop loss of 1.6075 and a take profit at 1.5825. Keep an eye on it and as it moved into the profit range, trail the stop at 50-100 pips behind.
Check back tomorrow to see how our picks make out!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| GBP/USD | Sell | Market | 1.6075 | 1.5825 |
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.
