With the Logical Forex Indicators, trades sometimes last mere seconds. But, sometimes, you can hold on just a little longer for more profits. It’s not something I always recommend or even do myself, but there are times when it can really work in your favor.
Today’s trade was one of those times.
*** EURJPY Market Structure ***
EURJPY MARKET STRUCTURE
You can see that Price was working its way up over the course of the day. How far could it go up? Hmmm…
*** EURJPY Scalp Enter ***
EURJPY SCALP ENTER
Ok, we’re now zoomed in.
Let’s look at the Indicators:
- Logical Forex Activity Lines – The lines are boxes or wider. It’s now into the NY session, so I am confident that the liquidity should continue.
- Logical Forex News Alert – No news showing.
- Logical Forex Flow Lines – There was a long run up. Price consolidated a bit, and then just kept going. Clearly, there was something driving this momentum. The Flow Lines squeezed together a bit, and then came into a Magnet Line. The Spine has been fully revealed for quite a while.
- Logical Forex Phase – Prior to the trade, there was a real divergence. This was cause for much concern. Immediately prior to the trade, the Phase was tracking along with price once again. I am feeling better about things.
- Logical Forex Bias – Solidly pointing upwards.
- Logical Forex Magnet Lines – Price had not been doing very tight dances around the Magnet Lines. This sometimes happens. When it does, it cause me to be more conscious of what I expect Price to do when it comes time to enter a trade.
- Logical Forex Watchdog– It just started barking at the opportune time.
As Price pierced the Magnet Line, I decided to try the trade – without waiting for a tight dance. This could have caused me to go negative a pip or two, but I was willing to take on that added risk based upon seeing how Price had reacted previously – especially with all the momentum to the north.
*** EURJPY EXIT ***
EURJPY SCALP EXIT
Typically, I would look to get out of the trade whenever the Broker Quote Panel started to slow, or price decided to pull back a little. You can see that Price did indeed slow numerous times and also did a slight pull back. Based upon the amount of momentum I was seeing towards the upside, I decided to implement a little strategy we sometimes utilize — particularly on the EJ pair. I decided to wait until Price started to touch or come back through the Groove indicator. That’s the dotted black line. You can see that this occurred right around 108.65. At that point, I had had quite a run. It was certainly time to wrap up trading for the day.
***
Happy Trading!
-Scott
