March 1st, 2010
By: Danelle
We have several indications of trades today.
We are showing an indication of potential shorts on EUR/USD and USD/CAD. Also, we have indications of potential long trades on AUD/USD and USD/CHF.
The EUR/USD is running close to a support level near the 1.3450 range. So we are going to sell at market with an initial stop loss at 1.3600 and a take profit of 1.3430. Along with that, we are going to tail the stop at about 30 pips, to make sure it locks in any profit if it doesn't move too far down.
The USD/CAD has already dropped quite a bit. There is still a lot of potential for downward movement, but we are going to pass on this trade. If we were going to enter it, we would sell at market, with an initial stop loss set at 1.0475 and a take profit around 1.0310.
We are placing our buy market order on the AUD/USD with an intial stop set at 0.8900 with a take profit level of 0.9104. We expect additional upward momentum, but just in case we meet resistance at the 0.9060 level, we are going to trail a stop at around 30 pips also.
Finally, the USD/CHF gets a buy at market order with an initial stop of 1.0720 and a take profit of 1.0918. We are going to trail the stop on this pair as well, at about 35 pips.
Check back tomorrow to see how our picks make out!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit (t/s)
|
|---|---|---|---|---|
| EUR/USD | Sell | Market | 1.3600 | 1.3430 (30) |
|
AUD/USD
|
Buy |
Market
|
0.8900
|
0.9104(30)
|
| USD/CAD | Sell | Market | 1.0475 | 1.0310 (30) |
| USD/CHF | Buy | Market | 1.0720 | 1.0918 (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.
