May 31st, 2010
By: Danelle
It's May 31st, 2010 and time for our Angel Pair Picks!
We have a few indications of trades today.
We are showing indications of potential shorts on EUR/USD, GBP/USD and AUD/USD. Also, we have indications of a potential long trade on the USD/CAD.
The EUR/USD has been having wide swings the past few days. Our methods are showing a potential downturn and we are going to place a sell order at market. Our initial stop loss is 1.2399 with a take profit set at 1.2148. Since we are placing two 1-lot orders, the second lot will be open ended with a trailing stop of about 50 pips.
The GBP/USD looks good too. We are placing two 1-lot short at market orders. The initial stop loss will be set at 1.4550, with a take profit of 1.4374. However, on this order we want to trail a closer stop (around 25 pips) and keep an eye on it as it could be near a reversal to the upside.
The AUD/USD has shown promise with a downward movement, but isn't strong enough yet for us to enter a trade. If we were to trade this pair, we would place a sell at market order with an initial stop loss at 0.8552. We would set the take profit in the 0.8300 range.
Finally, the USD/CAD looks like it will reverse from yesterday and move up. We are placing a buy at market order with an initial stop loss set at 1.0370. Our take profit is set at 1.0561, and we will trail a stop around 40 pips.
Check back tomorrow for more Angel Pair Picks! And let us know how YOUR trading is doing!
|
Pair
|
Order
|
Entry
|
Stop Loss
|
Take Profit
|
|---|---|---|---|---|
| EUR/USD | Sell | Market | 1.2399 | 1.2148 (50) |
| GBP/USD | Sell | Market | 1.4550 | 1.4374 (25) |
|
AUD/USD
|
Sell
|
Market
|
0.8552
|
0.8300
|
| USD/CAD | Buy | Market | 1.0370 | 1.0561(40) |
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.
