See the red box there? It shows the Price Gap of Saturday early morning of US close and early Monday Morning Sydney open. I netted more than 100 pips on the gap. Long EU late in the US trading session, close trade on Monday morning. Easy enough. Was betting on the Greece bailout package. Been doing this technique for 3 weeks now. Let's see if this technique still hold up its own for another month. Good luck in your trading, Happy pips!!

Day trading --> Swing Trading

Swing trading is commonly defined as a stock, index, or commodities trading practice whereby the instrument is bought or sold at or near the end of an up or down price swing caused by daily or weekly price volatility. The position is held open typically more than a day. Or in my target timeframe, from minimum a day no more than a week.

Swing trading finally caught up with me. The promise of less stress and fatigue, not to mention less screen time have lured me to try my hands on swing trading. I've been trying to switch from day trading to swing trading the forex market. There lies more pips to be earned(typically more than 100pips) and i dont have to work so hard for it, meaning less stress and just needs a few minutes per day to check on trades.

I have been able to churn consistent profits based on my short term trading method, which can net me about 10-50 pips per day. This can mean anything from a trade a day or 10 trades a day. Very tiring i must admit. My method only works when the market is in high volatility modes. Usually on Europe-US session overlaps.

Back to swing trading, i'm been doing well. It requires stop loss placed far from the stop hunting spot. This can mean anything from 50pips or up to 150pips away in these days market condition. My stop loss is usually hit. The price will do a complete u-turn. Hmmm.... maybe swing trading is not for me. We'll see.

Book reading

Just finished the book "Beat The Forex Dealer" by Agustin Silvani. The book exposes the tricks used by forex dealers in manipulating the market(stop hunting, false breakout) and how to take avoid being taken advantage of the dealers. The book also include guides on how to trade 'with' the dealers for some pips. I'll say this book is a must read to avoid becoming the average Joe trader(Forex loser).