March 1st, 2009
By: Lisa
We have indications of three trades today. Our trading methods indicate a potential short on AUD/USD. Also, there are indications of potential longs on USD/JPY and USD/CHF.
For the AUD/USD, we are going to pass. There was a large gap down from Fridays close, and even though our trading method indicates it will continue to move down, we are not fans of big gaps. Also, it is nearing the 0.6300 support level. However, if we were to trade it, we would go short at market with an initial stop loss at 0.6390. We would set a profit target of 0.6325 and keep our eye on it.
For the USD/JPY, we will go long at market on 2 lots with an initial stop loss of 96.40. Our profit target will be at 98.35 for the first lot. The second lot we will let ride with a trailing stop of 35 pips.
We are also selling USD/CHF. We going short at market with an initial stop at 1.1649. We are setting our profit target at 1.1846. This is likely to be a profitable low-risk trade considering the recent uptrend, but we'll watch it and follow the price with a 35 pip trailing stop as well.
Check back tomorrow to see how our picks make out! Let us know how YOUR trading is doing!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | ||||
| GBP/USD | ||||
|
USD/JPY
|
Buy
|
Market
|
96.40
|
98.35 (35)
|
|
AUD/USD
|
Sell
|
Market
|
0.6390
|
0.6325
|
| USD/CAD | ||||
| USD/CHF | Sell | Market | 1.1649 | 1.1846 (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.
