Archive for April, 2009

Back to the docile EURUSD

Friday, April 24th, 2009

Well…price has been rather jumpy for a while this morning. The EURJPY seemed to be going in a nice direction and then BAM! it would spike back…so although I survived :-) I have placed my focus back on my “favorite pair” the EURUSD. I just prefer the tight spread and the fewer hiccups it seems to do (most of the time). The nice big moves in the EURJPY always make it a pair to watch, too.

I have another super busy day ahead, so I only have time to take one trade…and here it is…

*** TRADE #1

Ahhh…the power of Logical Forex Magnet lines…especially in a breakout/flow flip type of trade…

Flow Flip Scalp - Click to Enlarge

Flow Flip Scalp - Click to Enlarge

Exit #1

Flow Flip Scalp - Click to Enlarge

Flow Flip Scalp - Click to Enlarge

Are Logical Forex Magnets Magical?

Thursday, April 23rd, 2009

Sometimes I wonder if Logical Forex Magnets are “magical”.

What amazes me is that these lines are DRAWN AUTOMATICALLY by the Logical Forex Indicator setup. They are drawn as price moves, not “after the fact”. I don’t have to do anything other than interpret them.

As I’ve mentioned quite a few times, they aren’t support/resistance lines, although at times a Logical Forex Magnet will behave like a support/resistance line…but sometimes the Magnet line acts more like…well…a magnet…sometimes repelling, sometimes attracting, and sometimes with enormous force.

The “trick”, of course, as with interpreting ANY data in ANY environment, is being able to take a quick glance at the “inputs” and making a decision, then acting. For example, the speedometer in your car gives you a source of input to help you know how fast you’re going. You have to interpret it…and act accordingly…like slowing down when a policeman is nearby. :-)

With the Logical Forex Indicators, each one plays an important role in interpreting “the forex speedometer”.

In this particular trade, the Logical Forex Magnets, when combined in a certain way with price action and the other Indicators, gave a clear signal for both the entry and the exit.

*** TRADE #3 (this is the 3rd trade of the day, first in this post)

Magnet Scalp - Click to Enlarge

Magnet Scalp - Click to Enlarge

Exit #3

The Magnets played an important role in the exit, too. Notice how prices acts around the Magnet lines, and how I act accordingly.

Magnet Scalp - Click to Enlarge

Magnet Scalp - Click to Enlarge

*** TRADE #4

Just a few minutes later, another extremely nice trade setup, with strong influences of Magnets along with a “breakout” type of trade, and of course, the ALWAYS vital Logical Forex Flow lines.

Scalping Breakout - Click to Enlarge

Scalping Breakout - Click to Enlarge

Exit #4

Easy exit.

Scalping Breakout - Click to Enlarge

Scalping Breakout - Click to Enlarge

I sure hope you are able to see the things I’m describing. Logical Forex Trading System really does make my trading and scalping fun!

Take Certain Profits When Scalping

Thursday, April 23rd, 2009

The EURJPY has been moving in some fairly smooth patterns the past few days, and I thought I’d post a few more.

The trades I just took were rapid-fire, in/out then in/out. I did this because that’s what my rules said to do. :-) Yes, I could have held on to see what was going to happen near the Logical Forex Magnet, but I had a nice profit I wanted to put in the bank…and I knew I could re-enter when the indicators told me that the probability was high for another good trade. There’s just no need to predict when scalping forex the logical way.

*** TRADE #1

Price had been stuck in consolidation for a while, after a previous and recent nice move up. I waited for the breakout AND for the Logical Forex Indicators to give me a heads-up…

Scalp Breakout - Click to Enlarge

Scalp Breakout - Click to Enlarge

Exit #1

Scalp Breakout - Click to Enlarge

Scalp Breakout - Click to Enlarge

Rather than wait to see what price was going to do near the Logical Forex Magnet Line, I took my profit, but was ready to re-enter if the signals were right.

*** TRADE #2

The signals were right. :-) The probabilities were high. Well…the WatchDog wasn’t yelping loudly, but enough for me for this kind of trade. Remember, too, that the Logical Forex Magnets are NOT simple support/resistance lines. They are far more comprehensive and helpful than simple support/resistance.

Scalp after Magnet - Click to Enlarge

Scalp after Magnet - Click to Enlarge

Exit #2

Can you see why I exited?

Scalp after Magnet - Click to Enlarge

Scalp after Magnet - Click to Enlarge

That’s enough for today/tonight.