Winners Edge Trading Trade of the Day
Michael Storm– Michael is the lead trading coach at Winners Edge Trading he is teaching live everyday during the NY session starting at 8 am. You can join Michael live by joining the Winners Edge Trading Premium trading Service.
Hi Fellow traders, Just wanted to share this chart with you and a possible swing trade idea. This is a 4 hour chart of the AUD USD. I have been watching and trading this pair an awful lot lately and as some of you know I am quite bearish. All time frames look good to me, the daily the hourly and even this 4 hour chart. Now, I realize that there are a LOT of different traders in the world and NOT everyone trades things the same way. So others may disagree with me, but I am putting on three positions on this pair in a swing account and am trying real hard to NOT touch it till we burst through the lows of 88 and especially 87
4 hour chart
In this chart you can see all kinds of rejection from just under 94 and going over the course of many sessions towards the 93 area. I am going to place an ULTRA wide stop on this pair ABOVE the 200 MA on the 4 hour. Right at the 92.75 area and I am looking to take it off in thirds on the way down. Daily is suggesting a target of a critical pivot at .8577 and I think a bit below that. That is my target. This may take a WHILE to work out and the STOP is HUGE so, PLEASE if you take this, do with some really SMALL size. My position size on this is being done accordingly ! Till next time, Happy trading! Michael Storm aka robinhood
