This entire week has been a non-stop work-a-thon. I haven’t even had a moment to think about trading until earlier today. It’s nice to know that forex scalping is available whenever I am ready and able to spend just a little dedicated time and focus.
It was the EURJPY that earlier caught my eye.
Here’s why:
*** EURJPY Market Structure ***
EURJPY MARKET STRUCTURE
After a HUGE move up, price was hovering around Magnet Lines that seemed rather significant based upon what had happened over the last several hours.
It was certainly cause for me to zoom in and take a closer look.
***EURJPY Scalp Enter ***
EURJPY SCALP ENTER
Once I zoomed in, this is what I saw.
What goes up, must come down.
Let’s look at the Indicators:
- Logical Forex Activity Lines – The lines are nearly boxes. It is just into the NY session, so I am confident in the liquidity.
- Logical Forex News Alert – No news showing.
- Logical Forex Flow Lines – There was a Flow Flip. Price came out of consolidation, and was flirting with a Magnet Line. The black Spine is fully revealed.
- Logical Forex Phase – Just prior to the trade, there was a real divergence. This was cause for concern. Immediately prior to the trade, the Phase was tightly tracking along with price.
- Logical Forex Bias – Solidly pointing downwards.
- Logical Forex Magnet Lines – Price did a very sloppy dance around the first red Magnet Line. It then pierced the second larger Magnet Line with little dance. That caused me to wait for the pull back. Once price exceeded the recent low, the broker quote panel started to do its’ thing. That is a happy time.
- Logical Forex Watchdog– It just started barking at the opportune time.
I entered as soon as price went below its’ recent low. Because of the apparent earlier divergence with the Phase, I decided to take a smaller lot trade. Still, it was worth my effort.
*** EURJPY Scalp Exit ***
EURJPY SCALP EXIT
Price stalled briefly at 104.45, but it never pulled back until it hit roughly 104.40. I decided to exit shortly thereafter.
You will notice that price did ultimately go down a bit further. Since I was out, the only reason I am even mentioning this is because I am drafting this post. Otherwise, emotionally, I have completely moved on. The reality is that after my exit, the ride was much more choppy. I do know traders that are ok with this, but I have since given up trading roller coasters a long time ago.
Overall, not bad for about 2 minutes of trading. Low stress, in and out quickly, minimal risk or exposure, and on with the rest of my day.
***
Happy Trading!
-Scott
