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