Tim Black is a live trading room host. His background is in computers and technology. He is addicted to technology, charts and technical analysis and enjoys teaching and sharing his viewpoints in these areas. Tim has been a trader for a long time and a technology addict for even longer. He is happily married and has two adult children.
Hi guys! I know it’s been a while since I posted a trade idea. I’m going to try to do it more often. We’ll see how that works. 😉
I’m looking at a nice AUD/USD long swing set up. AUD/USD is bouncing off weekly trend support and has made a nice 123 bottom on the daily chart. Last Friday, price action broke the #2 point and is sitting there right now. The chart below shows the story about the trade idea. In short, I’m looking for some retracement of the last 3 daily bars. A pullback to the 1.04 would be really nice. Then I’ll be looking for a bullish 4 hr candle to get into the long. Stop should be below the 123 figure (below 1.0222) and I’m targeting just below the recent highs around 1.0800ish. This will be a long-term swing (maybe weeks long) so don’t get in too big a rush to collect your pippage. I’ll be moving my stop to break even (or, as we say in the trading room to “Bubba Stop” in honor of Big Bubba, break even + 5 pips) when we’ve made a hundred or so pips.
As with any trade we post at Winners Edge Trading, be sure to follow your rules and maintain your risk parameters. Never “bet the farm” on any trade. No trade is a 100% sure thing. Don’t get into a hurry to enter this trade, if it runs away, don’t chase it. There are always going to be other trades. Never chase a trade. Wait for it to set up properly.
Follow me on Twitter and I will keep you up to date on this trade.
Thanks! Have a great trading week!
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