November 28th, 2008
By: Stephanie
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It's November 28th, 2008 and time for our Angel Pair Picks!
We have several indications of trades today, but we are going to hold off on trades until after the Sunday Open.
Our trading methods indicate potential shorts on EUR/USD, GBP/USD, USD/JPY and AUD/USD. Also, there is indication of potential longs on the USD/CAD and USD/CHF.
If we were going to trade the EUR/USD pair, we would likely place a sell order at market open with an initial stop at 1.3042. Also, on one of our lots we would place a Take Profit near the 1.2440 level.
We are also passing on the GBP/USD, USD/JPY and AUD/USD pairs. If you take a look at the charts, you can see that there is no real trend occuring. Since we trade on trends, we are choosing not to risk entering the wrong direction. Sideways trends are very risky.
The potential long trade on USD/CAD could have merit, if we wanted to sit by our computers to manage the trade constantly. It has been trending upward slowly, with a lot of indecision. There is potential profit on the long end, by entering at market and setting a close trailing stop, if it continues to move up when it opens on Sunday.
Finally, we are passing on the USD/CHF because while it could continue to trend up, since the retracement ended each day has been in a different direction from the previous day. While the general trend is up, Sunday's open could show another down day. If we were to trade it, we would likely enter a buy stop at 1.2200 with an initial stop loss set at 1.1840 and a profit target near the 1.2417 level. We think it is unlikely to reach the 1.2400 level as there is resistance near the 1.2250 level. So the Risk/Reward ratio is too low for us to consider the trade.
Check back Sunday or Monday to see how our picks make out! Good Trading Guys!
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.
