Swing Trading Blog - London Open Swing Trading Opportunity
Swing Trading Blog
If you have been monitoring the forex market, you will find that they are more active at certain time of the day. If you are able to trade at these timing, you will be able to make more profit compared to other time of the day.
One specific time that I love to trade at is the London Open which is at 3 a.m. EST. This is the time when the traders in London begin placing their trades and these are big players that has the ability to move the market.
If you have your forex chart open now, you can take a look at your chart at this timing and you will usually see a V-shaped or N-shaped swing which is what we are going to trade with today. There are numerous swings through the day but the London swing is one that has the most movement and therefore it is one that you will want to ride and profit from. Swing Trading Blog
Here are how you can trade the London Open Swing
1) Forex Candle Patterns - If you are going to trade the swing, you must have the ability to know when the swing is going to reverse. This is when the candlestick patterns come into play. You should be looking out for patterns like the railway track (tweezers), hammer/inverted hammer or the evening/morning stars as these are usually good sign of a reversal.
2) Forex Indicators - You also need the help of oscillators like the RSI or stochastic to help you to check for reversal. The market usually reverses when it is oversold or overbought and this is what exactly you should be checking for with your oscillator.
3) Trend Line Break - The last thing you need to trigger your entry is when you see the price breaking through your trend line. The best will be to wait for at least one or two candles to form after the breakout before you trigger the entry.
This is a simple way of trading London Open swing but you need to practice with this strategy on your demo account until you are good at executing it before trading LIVE account with it. Swing Trading Blog
Swing Trading Blog - London Open Swing Trading Opportunity
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