March « 2009 « Logical Forex Trading System Blog - Forex Scalping System Strategies

Archive for March, 2009

Asian Session Scalp

Tuesday, March 31st, 2009

I rarely trade the Asian Session. It’s usually too slow, and often too erratic for my tastes. But, for many people, it’s their only time they can consistently find to trade and scalp forex…and that’s just fine! You just have to be a bit more patient trading during the Asian Session than you do during London or New York trading times.

So, I went out to dinner. When I walked in the door, I saw this setup forming. There was in interesting pattern that had formed about an hour earlier, and this setup was confirming it. Along with what I saw with the price action, and the Logical Forex Indicators, it looked like a semi-decent probablity trade.

Uh oh. Maybe too risky? It wasn’t high probability…and it was during a “slow trading time”…but…but…my addiction was calling once again. (I have to do something about that!)…and…and…I’m not going to be able to trade for a few days…

Goodness. These are great examples of when NOT to trade.

But, stubborn me…I did it anyway.

Maybe I was lucky?

Naaa…I’m just trading probabilities…I’m NOT predicting…and either way, I can live with the outcome…

Here’s the trade…the setup and entry…

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And the exit…

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Ya see why I exited?

I’ll take it. Hey…it paid for dinner. And then some.

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Yippee! Another forex trading day!

Tuesday, March 31st, 2009

Only took my more usual couple of trades. I think I “drank too much forex” yesterday.

*** Trade #1

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Exit #1

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But wait…Oh my! I left a few profitable pips on the table…

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THAT IS PERFECTLY OKAY! You do see why I originally exited the trade, I’m sure. I traded exactly the way I wanted to, with a High Probablity Trade, and super low stress, in-and-out, with a great profit. I refuse to be greedy! I will only take what the market gives me, and preferably what it gives me “easily”.

Have I ever mentioned that I love trading forex?

*** Trade #2

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Exit #2…Oops. I made a silly trade. Notice how much earlier the Logical Forex WatchDog barked and told me to pay attention? Well, I was interrupted…and had to tend to the interruption…the Trader’s Sin. So, I entered late…and hoped. Duh…that’s exactly what I teach to NOT do! By the time I entered, this wasn’t a high probability trade. In fact, with that Logical Forex Magnet line there, the Logical Forex WatchDog having alerted quite a bit before…there was no reason whatsoever for me to enter that trade. But I exited quickly…after I found my brain…with minimal loss. Time for some mental floss.

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Now I have to reluctantly stop trading for the day. I have some meetings I must attend, and then I’m committed to doing some other things over the next several days. My posts may be few until I’m able to trade again. It may even be next week before I’ll have a chance to trade again. Gulp…but my addiction! Help!

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A busy forex scalping day

Monday, March 30th, 2009

There were many good Logical Forex trades today. I probably traded too much, but, like a good addict, I answered my addictive call-to-action. I love forex trading.

I’m not going to comment much…just show you the trades. I’m going to include them all here in one post. Enjoy

**** TRADE #1

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Exit #1…

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**** TRADE #2

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Exit #2…

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**** TRADE #3

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Exit #3…Do you see why I exited?

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But, even though I exited, there were a few more pips, but I would have been “too stressed”. I don’t like stress. And…do you see how powerful that Logical Forex Magnet line is?

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**** TRADE #4

Even though this may look a bit fuzzy to you, without a clear trading signal, there was one. I’ve shown at least one reason why.

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Exit #4

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**** TRADE #5

This one was a bit late. But, I still like it.

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Exit #5

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**** I RARELY EVER TRADE THIS MANY TIMES IN A DAY. And I don’t recommend you do either. In fact, I don’t recomment “I do”. But, I…I did. Forgive me, please.

Like I mentioned earlier, I’ve been super busy with a few other projects, and…I believe those other projects make me hungry…a hunger than only trading forex will satisfy. Ahh…c’mon…you know what I’m talking about.

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It looks like a flip, but it’s not

Friday, March 27th, 2009

From what you see on this chart, it looks like a Flow Flip, but it’s not.

It was more of a breakout from 20 pip or so range.

The entry…

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The exit…

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This was all I traded today. I have some other “life things” that are seriously requiring my full attention, so I’m having to be extra careful in my forex trades. In a few days, I’m going have to be away for a while. Sigh.

Posted in Trade Setups | 2 Comments »

I like Flow Flips

Friday, March 27th, 2009

When price begins to go in a different direction, it can be a great forex trading opportunity. Sometimes (most of the time), I’ll just look for 5 pips or so, and that’s actually pretty easy to come by.

The most challenging part is to avoid being fooled. What looks like a flip can be a simple retrace. The nice thing is, the Logical Forex Indicators give me several good visual “alerts” to let me know to pay attention to good possible setups, and when I combine all the different things they tell me, along, of course with what price is doing at the moment (and particularly around those “Logical Forex hot spots”…then I generally can make a pretty good call on know whether to enter the trade…or stay out.

The setup and entry…