Archive for the ‘Trade Setups’ Category

Always Been Active, Just Silent for A While

Tuesday, July 30th, 2013

Howdy.

First, I want you to know that during my absence from posting on the blog, Logical Forex has continued to work very well. The traders who have stayed committed to themselves continue to consistently take profits from the market.

Even though I haven’t posted for quite some time (life-stuff has been VERY challenging), I have always been deeply involved with my clients via our Support Ticket System. It is always a thrill to hear of the fun and success that my Logical Forex trader family enjoys.

Almost every person who is successful with Logical Forex exhibits certain characteristics from the very start – and I can generally tell who will do well just from how they setup their first charts, and even how (or if) they engage with me in the support system. Interestingly, most traders who experience quick success do not involve me with support questions, at least not for a while. And, those who actually setup the charts properly from the start (and avoid any time-based charts) do well. Those who typically start Logical Forex with any of chart other than what we recommend… well, they tend to not do very well, and tend to quit pretty quickly.

I hope that isn’t a surprise to you. What I mean is… I’ve spent many years developing Logical Forex, and with few exceptions, what I recommend that you do, ESPECIALLY when you are getting started with Logical Forex, is truly the Best Way. Your success is important to me, and if you’ll get started with Logical Forex with the ways I show you, you’ll do much better than you would otherwise. I always feel awful when I see somebody who is getting started, setup their first chart with a difficult currency pair to trade, or a time-based chart, or several other things. I know almost immediately they’re going to have a big challenge and have made things difficult on themselves, when it doesn’t have to be that way.

PLEASE don’t be that person who “blazes their own trail” – especially when getting started with Logical Forex. Follow the training closely, especially everything in the Getting Started Guide and the Checklist, and you’ll have so much more opportunity for success and a lot more fun!

I’ve also noticed that there are MANY more FUTURES traders using Logical Forex. Yes, Logical Forex works great with futures, and especially well with Currency Futures. The patterns are a bit different than Spot Forex, but you can adapt easily.

So, whether you’re trading futures or spot forex, be sure to follow the training Checklist that I provide, so that you can get a much deeper understanding of the forex (and futures) market, and how we keep a powerful edge over other traders.

Quite simply, with Logical Forex, we see things that other traders simply CANNOT see, and we can trade Logical Forex profitably, even with brokers who don’t always have our best interests in mind. Logical Forex gives you enormous power and control over your trading… and your own destiny.

There is SO MUCH training material available on our site, and we’ve done many posts to the blog through the years, I’m not likely to post with too much frequency. There is NO DOUBT, you can review these blog posts that are already here, and see clearly what we do with Logical Forex. My adding “another post” that looks “just like the others” is marginally helpful at this point. The import thing for you to do is GET STARTED on your own, follow the training materials, review the existing posts on this blog, immerse yourself in the Pattern Library, and then do it again and again… and you will become equipped to be a consistently profitable forex trader.

I want to remind you that with Logical Forex, we are “IN the game” instead of just “watching the game and placing a bet on the outcome.” In other words, while other traders try to PREDICT the market and draw lines and guess where price might go, we take an entirely different approach. We trade with TRUE PRICE ACTION and the FLOW of the market.

Logical Forex is similar to somebody throwing you a ball, you seeing the “pattern” of that throw, and then catching the ball. Most other trading styles have you “viewing the action” through a window, based on some time-frame, like somebody taking a snapshot of where the ball travelled during the past 15 seconds (or minutes or whatever).. and then you are supposed to guess, based on those snapshots where the ball might end up? That just isn’t something I find reliable, or fun, or profitable. Logical Forex… we trade the actual “throw of the ball”.

It may take a moment for that to settle in your mind, and it will eventually make a LOT of sense to you… particularly after you’ve experienced Logical Forex.

Go ahead and get started today with Logical Forex right now. It’s simple to setup, and the basics are quick to grasp and apply. Yes, it will take some dedication and commitment on your part to become proficient with Logical Forex… and in doing so, your life can change to what you’ve always wanted it to be.

Have fun with Logical Forex.

-Greg

Beautiful Magnet Line Dance on the EURUSD

Friday, April 13th, 2012

So, my schedule hasn’t eased up much at all lately. Take a look at this picture-perfect Magnet Line Dance on the EU.

 

*** EURUSD Market Structure ***

Structure

EURUSD MARKET STRUCTURE

 

Notice the very long downward flow to the EU. Something was certainly pushing this currency lower. Would it continue? Who knows.

 

*** EURUSD Scalp Enter ***

Dance

EURUSD SCALP ENTER

 

What do the Indicators tell us?

  • Logical Forex Activity Lines – Box-like or larger. Plenty of liquidity not too far into the NY open.
  • Logical Forex News Alert – Just came out of a news event.
  • Logical Forex Flow Lines – Price is flowing down nicely. The Spine is revealed
  • Logical Forex Phase – Showing some divergence. Not a fan of this.
  • Logical Forex Bias – Pointing downwards.
  • Logical Forex Magnet Lines – Price is approaching a Magnet Line. Watch the spot-on Dance that it does.
  • Logical Forex Watchdog– Barking yellow at near the exact point of entry.

It was clear that Price was struggling with that red Magnet Line. With the divergence, I was concerned. If Price didn’t do it’s Dance exactly on the Magnet Line like it did, I would have passed on this trade. As such, I decide to ‘try’ the trade – just with smaller lot sizes than normal.

As price completes its Dance, then begins to accelerate on the Broker Quote Panel, I hit the SELL button.

 

*** EURUSD Scalp Exit ***

Pull back

EURUSD SCALP EXIT

 

So, what happened?

Price continued to progress further down, only really hesitating once. As Price began to pull it’s way back up, it was time to exit for some profit. I could have held on, but I opted for the low-lying fruit – no-stress style.

 

***

Happy Trading!

-Scott

Forex Scalping a Continuation Trade

Friday, March 16th, 2012

Hello Traders!

I was hoping to put up a chart yesterday of a trade I took, but at least for me I found the markets to be a bit too choppy for my liking. As a result, I was out of the market all day yesterday.

You often hear me talk about market flow and symmetry. Any time you see spikes in Price on one of our Logical Forex charts, that does greatly decrease your chance of a profitable trade. In terms of symmetry, if you see a big spike (outside news events) it is often the case that you will see more of them. Such quick jumps are not something I prefer to put myself in front of. That’s just my personal assessment.

Here’s a trade from today…

 

*** EURJPY Market Structure ***

Upward

EURJPY MARKET STRUCTURE

 

As you can see, price had been motoring up for quite some time. If I were to have any bias at all, it would be that a retrace was about to happen. However, we must not bring in our biases – we must simply watch what the market (Price) is telling us…and then go for it.

 

*** EURJPY Scalp Enter ***

Dance, Magnet Line

EURJPY SCALP ENTER

 

Now that I am zoomed in, let’s take a look at the Indicators:

  • Logical Forex Activity Lines – Boxes or larger. Plenty of liquidity.
  • Logical Forex News Alert – No news showing.
  • Logical Forex Flow Lines – Price had a large move upwards. More recently, it is coming out of some tight consolidation, and approaching a Magnet Line. The Flow Lines are opening up nicely. The Spine is fully revealed. Like a spring, Price propels upwards.
  • Logical Forex Phase – Tracking along with Price. This is particularly important on a continuation trade.
  • Logical Forex Bias – Still pointing upwards.
  • Logical Forex Magnet Lines – Price is approaching a Magnet Line.
  • Logical Forex Watchdog– Barking solid yellow.

As you know from reading my blog posts, I always prefer to see a nice tight dance of Price around the Magnet Line. Given this type of tight consolidation setup, it is often the case that there is no dance. As I started to eyeball the broker quote panel, Price started to make its upward climb again. Rather than wait for a dance, I did enter with a BUY.

 

*** EURJPY Scalp Exit ***

Pull Back, Momentum

EURJPY SCALP EXIT

 

Price did in fact keep going northward for quite a while. Remember, I keep my eyes on the broker quote panel. I just have the charts in my periphery while a trade is going on. The charts get me prepared for a trade, the broker quote panel gets me into and out of a trade — and is what puts cash in my pocket.

As Price started to slow, and then pull back slightly, it was time for me to exit with some profit – nice profit.

I could have continued into the trade for some more pips, but I prefer to cash in the bird that is in my hand.

 

***

So, this is just another day of trading with the Logical Forex Indicators. Ready to take the plunge yet?

Happy Trading!

-Scott