Logical Forex Scalping & Trading

I have been posting mostly EUR/JPY trades recently. I had planned on trading the EUR/USD during this session. However, I just never was seeing the setups that I prefer to see using the Logical Forex Scalping System. But, I was seeing good setups on the EUR/JPY…so that’s what I traded.

I took two trades. I’m done for the day. The setups were quite clear, and I was able to take more pips than normal when I’m scalpling forex. As you know, my favorite way to trade is quick-in-and-out, but I will definitely stay in a trade longer (normally using the Logical Forex Groove to tell me when to exit — or stalled price). But, sometimes price moves fast, and other conditions tell me I can safely stay in a trade. It’s not always easy, and it DOES generate a bit more “stress” than I prefer…but they’re still fun trades.

*** TRADE #1

Basic Breakout Style during Up Move

Exit #1

Basic Breakout Style during Up Move

*** TRADE #2

Magnets and Everything Happen Together

Exit #2

Magnets and Everything Happen Together

I exited this trade because price stalled.

I’ve also mentioned before, that if you can handle the quick “spikes” and “price jitters” of the EUR/JPY, it’s a very profitable currency pair, especially for scalping. If you get in “right”, some moves are absolutely enormous…giving you big profit on simple setups. But, always remember…it’s usually best when scalping forex to take profit “immediately”. You simply can’t lose when you do that!

The EURJPY hasn’t been all that easy to trade during the past hour or so, but good enough if one is patient.

Both of these trades lasted less than 1 minute each. In total, they produced about 20 pips profit, after commissions.

You’ll notice on these charts a Pink arrow. This where I could have entered, but chose not to do so, based on several factors, but one in particular was the Logical Forex Magnet Line, and how price had been reacting around Magnets during this session. I chose to wait for a more high probability trade on each of these…but a more aggressive trader might choose to enter on the Pink arrow.

I have a long busy day ahead tomorrow, starting early in the morning, so I’m going to stop trading now. It’s been fun and profitable, and most likely, the best part of the trading day is coming up here in a few minutes. Have fun. I’ll catch up to you next week.

*** TRADE #1

Patient Scalp, Quick In-and-Out

Exit #1

Patient Scalp, Quick In-and-Out

*** TRADE #2

Almost exactly the same kind of setup as the previous trade.

Another Quick Forex Scalp

Exit #2

Another Quick Forex Scalp

I noticed that while I was posting this, the price on EUR/JPY has been a bit erratic and VERY jumpy. Be careful!

Let price give you a good, clear flow, then watch for the mini-retrace (especially near Magnet Lines), and then evaluate the setup for a high probability trade. If price moves against you even a little bit…bail out! If price goes in your favor, even a little bit…exit with profit quickly! Of course, if you are a brave soul, you can hold on, but be ready to accept giving up your profit.

One of my trading buddies just told me he had a 7 pip profit…clicked the button to exit…and only ended up with 2 pips profit. It wasn’t any kind of broker manipulation (and we know this because we use different brokers, but saw the same thing). So, move quickly! Not just today…but every day.

If you really take the time to read this…you’ll learn MANY hints and clues that will make you a more profitable trader.

Sometimes, it’s just not fair to consider forex trading anything other than, well…fun!

I focused on the EUR/JPY during this session. I’m sure glad I did, as the trades and setups were quite easy to spot, and the momentum was so aggressive, and the entry and exit points so obvious…that I almost feel like I cheated.

I’m definitely done for the day. Count the pips. Wow! It is always so much fun when price moves this way. (It’s fun when I make a big-lot trade on small pip profits too!)

And, remember…although these are “big profit trades”, the only reason I stayed in them as long as I did (instead of for my usual 2-6 pips profit)…is because the momentum of the price action was so strong, and so clear. I’ll take it.

*** TRADE #1

There had been a large downward move, then a rather strong retrace…which often sets up an even stronger move in the original direction. This trade was on the retrace, and the following two are on the continuation of the previous strong downward move.

Mini Flow Flip

Exit #1

Mini Flow Flip

*** TRADE #2

Time for the big continuation in the previous downward direction. Of course, I had no idea, nor did I try to predict, that this move would be so strong. But, I jumped in and took it all.

Strong Move in Previous Down Direction

Exit #2

Strong Move in Previous Down Direction

*** TRADE #3

Strong Continuation

Exit #3

Strong Continuation

The EUR/JPY pair always amazes me.

Have I said anything about forex scalping being fun?