Beautiful Magnet Line Dance on the EURUSD

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

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