October 30th, 2008
By: Danelle
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It's Thursday, October 30th, 2008 and time for our Angel Pair Picks!
We have several indications of potential trades today.
Our trading methods indicate potential shorts on AUD/USD, GBP/USD and USD/JPY. Also, there is indication of buying the USD/CHF.
Notice that our methods indicate both long and short positions for the Swissy and Cable. 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.
As for the Dollar-Yen pair, we aren't convinced that it will be moving down. As a matter of fact, as we analyzed the chart, we saw that it was continuing the upward rally, and fast, so we placed two 1-lot trades, buying at market. We also set an initial stop loss of 97.50 and a 15 pip trailing stop. Normally we won't set a trailing stop so close, but with the uncertainty in the market today, we want to minimize our risk. We probably should have stayed out of this trade altogether.
The EUR/USD looks a little more stable. We are setting a buy order for 1.3162 on a stop. Initial stop loss of 1.2954 and on one of the lots we are setting a Take Profit order at 1.3282.
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.
