March 3rd, 2009
By: Lisa
It's March 3rd, 2009 and time for our Angel Pair Picks! We have several indications of trades today.
Our trading methods indicate potential longs on EUR/USD and USD/JPY. Also, there are indications of potential shorts on USD/CHF, USD/CAD, and USD/JPY.
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 1.2485. Our take profit setting would be 1.2670. However, keep a close trailing stop of around 35 pips.
As for the USD/JPY pair, we have indications of both long and short potentials. Having said that, we should stand aside, but we are going to try selling on a stop at 98.31. The initial stop loss is set at 98.75 with a take profit at 97.25. Just trying to squeeze out a few pips.
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. However, we are going to place a Buy at market with a stop loss at 1.1712 and a take profit at 1.1912. But if it moves against us we are prepared to close out the trade early, take the loss, and reverse our position.
The USD/CAD pair has been a bit unpredictable lately, but lets place a Sell at 1.2867 with a 1.2794 stop and a take profit at 1.2757.
That's it for now. I'm {name} with PipsAngels.com. And let us know how YOUR trading is doing! {wink}
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Buy | Market | 1.2485 | 1.2670(35) |
| GBP/USD | ||||
|
USD/JPY
|
Sell Stop
|
98.31
|
98.75
|
97.25
|
|
AUD/USD
|
|
|
|
|
| USD/CAD | Sell Stop | 1.2867 | 1.2794 | 1.2757 |
| USD/CHF | Buy | Market | 1.1712 | 1.1912 |
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.
