November 3rd, 2008
By: Ashley
The player will show in this paragraph
It's November 3rd, 2008 and time for our Angel Pair Picks!
We do have some indications of trades today, but with the US Presidential election tomorrow, anything can happen, so keep that in mind.
Our trading methods indicate potential shorts on AUD/USD and USD/JPY. Also, there is indication of buying the AUD/USD and the USD/CAD.
Notice that our methods indicate both long and short positions for the Aussie. What this tells us, is that it is not very clear which way the market will move with that pair. So we are simply going to stand aside on it. Sometimes the best trades are the trades you DON'T take.
We placed two 1-lot trades on USD/JPY. We placed orders to sell on a stop with an entry price of 96.23 and an initial stop loss of 99.74. On one lot we set a Take Profit order for 94.54, and the other we left open, and will adjust the stop as the price goes lower. We do that to catch as much of the move as possible.
We also placed two 1-lot orders on a buy stop for the USD/CAD at 1.2389. The initial stop loss is 1.1770 with a take profit target at 1.2769. Unfortunately, as we were entering the order for the second lot, we accidentally hit the buy at market button. So we set that stop loss at 1.1770 to limit our loss, if the price doesn't rise right away. When placing orders, make sure you have all the details correct first, and try not to hit the buy button before you're ready!
Check back tomorrow to see how our picks make out!
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.
