March 9th, 2009
By: Ashley
We have a few indications of trades today. Our trading methods indicate potential longs on USD/CHF and GBP/USD. Also, there are indications of potential shorts on EUR/USD and USD/JPY.
The USD/CHF has been extremely erratic in its trending with very large swings both up and down. The overall trend the past few days has been down, while longer term it has been trending sideways in about a 300 pip channel. Since it is swinging so widely right now, we are going to pass on this trade.
As for the GBP/USD, we feel there is some very short term gains to be made, with a possibility of some long term uptrend. We are placing a buy order at Market with an initial stop loss at 1.3725 and profit target at 1.3900. However, we are going to give it a close trailing stop of 25 pips, to lock in any profits should it reverse on us.
The EUR/USD and USD/JPY are both showing signs of potential short trades, but both pairs are showing some strong divergence. This means that even though our technical indicators are telling us one thing, the prices don't really match what they should be, and are due for a correction. We are staying out of these trades as well.
That's it for now. Let us know how YOUR trading is doing!
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.
