November 10th, 2008
By: Lisa
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It's November 10th, 2008 and time for our Angel Pair Picks!
We have several indications of trades today, but we are only going to place trades on one pair.
Our trading methods indicate potential shorts on EUR/USD, AUD/USD, GBP/USD, and USD/JPY. Also, there is indication of potential longs on the AUD/USD and USD/CAD.
Notice that our methods indicate both long and short positions for the AUD/USD. What this tells us, is that it is not very clear which way the market will move with those pairs. So we are simply going to stand aside on them. Sometimes the best trades are the trades you DON'T take.
For the most part, the pairs seem to be chopping around quite a bit. Looking at the charts, there seems to be a lot of indecision on direction. Most of the pairs appear to be moving sideways in a channel. Since our trading methods are based on profiting from trends, we are standing aside on most of these indications for trades, because there doesn't seem to be a clear trend in most of them.
However, we are going to trade the EUR/USD. We are setting a sell order for 1.2670 on a stop. Initial stop loss at 1.2929 and on one of the lots we are setting a Take Profit order at 1.2548.
Check back tomorrow to see how our picks make out! And 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.
