October 20th, 2008
By: Lisa
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It's October 20th, 2008 and time for our Angel Pair Picks!
It's about 10 minutes past the NY session close and after reviewing the daily charts of the majors, we found three potentially good trades.
Our trading methods indicate potential shorts on AUD/USD and USD/JPY. Also, there is indication of going long on the USD/CHF.
So we decided to place two, 1-lot trades on each of them.
First we placed a buy stop order on the Swissy at 1.1511 with an initial stop loss of 1.1411. For the second lot, we placed a sell order to take profits at 1.1639.
For the Aussy, we went short on a stop of 0.6723 and set an initial stop loss of 0.7069. The second lot got a buy order to take profits at 0.6428.
And finally, for the Yen, we again placed an order to sell on a stop at 100.49 with an initial stop loss of 102.50. And one lot we set to take profits at 98.96.
The buy and sell stop orders lets us be sure that the market is going with our trend when the order gets filled.
Our goal is to make 10% on our trades while only risking 2% of our account value per trade. Along with a good trading method, we always use good money management principles to minimize our risk, while maximizing our profit potential.
If we hit our 10%, we will close out one lot and let the other one continue, trailing a stop to capture as much of the move as possible, while protecting our profits.
Check back tomorrow to see how our picks make out! I'm {name} with PipsAngels.com. And let us know how YOUR trading is doing! {wink}
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.
