Do Forex Scalping Patterns Repeat Regularly?

I hope you have been carefully reviewing the trade examples I have been posting recently. Do you see some common things that happen regularly, both with the market AND with how I trade it?

What time is it?

What happens to price around a Magnet Line most of the time?

What do the other Logical Forex Indicators tell you?

Why would I have confidence to hold on to a trade longer than my usual 4 pips or so?

I assure you…these questions can be answered on your own if you REALLY study these blog postings…the Online Training Videos (and the new Written Supplement)…and, of course, in amazing detail in the Private Workshop. In fact, anybody who has taken the Logical Forex One-on-One Private Workshop with me can see things in these charts that other traders simply can’t see. They have a BIG advantage over everybody.

This is going to be my only trade “for the day”. It was completely stress free.

Carefully compare this trade example with all the others. Use your detective skills…and notice the obvious…and I’ll help you see the “less obvious” in a Private Workshop.

*** TRADE #1

Price did it’s little dance at a Logical Forex Magnet Line…except it was more of a Limbo Dance instead of it’s regular Foxtrot. Be patient…let price dance…and then TRY the trade….

EUR/JPY Classic Logical Forex Scalp

EUR/JPY Classic Logical Forex Scalp

Exit #1

EUR/JPY Classic Logical Forex Scalp

EUR/JPY Classic Logical Forex Scalp

So, why didn’t I get out at the little “flat spot” in price? Well…it’s one of those discretionary parts of trading. Perhaps the “right thing” to do would have been to exit there, especially with that nearby Logical Forex Magnet. ┬áNotice that the “flat spot” in price was EXACTLY on that nearby magnet. At that moment, I decided to exit immediately if price went against me…(wait…that’s the thing I always do)…and price continued in my favor…so I stayed in.

Yes, I *do* normally get out on those “flat spots” when price stalls, but remember…what you and I see on the broker quote panel is NOT conveyed in these static charts.

I’m done for the day. This was about a 13 pip net after spreads and commissions.

2 Responses to “Do Forex Scalping Patterns Repeat Regularly?”

  1. Greg says:

    Hi John.

    I normally only use one computer which is running nothing but NinjaTrader and my broker trading platform. I have a wide-screen monitor. I put the chart of the currency pair that I’m trading on the left side of the screen, and the broker trading platform on the right side. The broker trading platform is “squeezed” into the smallest space possible so that it shows mostly just the quote panel (which I click to enter and exit) and the “Unrealized Profit and Loss” column of an open trade.

    My focus on the charts is to identify trade setups. Simultaneously, I’m looking at the broker trading platform, ready to enter a trade when it sets up. When I see the setup happening on the chart, my focus sharpens onto the broker trading platform. As with ANY “graphical/charting package” it takes time to “draw the lines”. In comparison, the quotes displayed on my broker panel are always “real time” (as much as my internet connection and speed of my computer will allow). So, that’s why when a trade is setting up, I’m looking more at the actual quotes than I am at the charts. It’s easier than it sounds, but it does take a little practice. :-)

    Although the chart is updating during the trade, it isn’t something that I look at AFTER I have entered. Sure, it’s in my “visual field”, but I focus almost entirely on the “Unrealized Profit and Loss” part of the broker trading platform, with my mouse cursor hovering where I can quickly close an open trade.

    If you have two computers, that’s fine, too. You could have one drawing your charts with NinjaTrader, and the other solely for taking trades through your broker platform. However, for me, even though I have a very “wide field of vision” (peripheral vision), I find it’s hard for me to “put everything together” when I have used 2 computers and monitors…so I just use the one computer with a 24-inch widescreen monitor.

    I use several different brokers. FXCM is one of them. FXCM Standard and Microlots do not have any commissions, but their FXCM AdvancedTrader platform does have commissions.

    I’ll be happy to send you some additional information about the brokers I use (and some other helpful info). Just open a support ticket, and I’ll get that info to you.

    -Greg

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