I sat down at my computer a bit earlier than usual today. I had the urge to take a look at my charts.
This is what I saw…
*** EURUSD Market Structure ***
Price was indeed hanging out at a very long and pronounced line of Magnet Lines. Worth taking a closer look? Absolutely!
*** EURUSD Scalp Enter ***
Let’s look at the Indicators:
- Logical Forex Activity Lines – Good, not great. Taking a trade here, especially this much before the NY Open, will likely mean the trade won’t be a quick in and out. Not everybody has come to play forex games just yet.
- Logical Forex News Alert – No news showing.
- Logical Forex Flow Lines – The Flow Lines are separated nicely. Everything is the same color. The black Spine is fully revealed.
- Logical Forex Phase – Tracking along very nicely with price. No indications of divergence.
- Logical Forex Bias – Starting to point downwards.
- Logical Forex Magnet Lines – Price did a very nice, tight dance right on the Magnet Line.
- Logical Forex Watchdog – Barking to take a look.
As price did its’ tight dance directly on the Magnet Line, I could have entered as price pierced through the Magnet Line. However, the broker quote panel wasn’t as active as I like to see. This also has to do with the lack of great liquidity at the moment. Had I entered, I would have quickly been -4 or so after spread/commissions. I did decide to wait for the pullback and then, as price exceeded its’ recent low, the broker quote panel became more active and I hit the SELL button.
*** EURUSD Scalp Exit ***
As expected by the Activity Lines and time of day, this was not a fast trade at all. It did, however, have a consistent (albeit slow) descent. Once price started its’ pull back, it was time to hit the BUY button and walk away with my net pips.
What I am hoping to show you is how, in addition to just trading at market opens and closes, you can also trade Logical Forex at various times throughout the day or night. Sometimes you just need to be a bit more patient in (1) waiting for the ideal setups and (2) waiting for the trade to complete itself.