EURJPY Magnet Line Setup

This trade shows you a typical setup I often look for on the EUR/JPY. Price had been meanding for a while, then had a quick downward move and essentially established a base, with the Logical Forex Magnet Line representing the base. The trade execution plan was that if the price stayed below the Magent Line and made a “fairly fast” move continuing the overall most recent downward move, I would enter.

Here’s what happened. The Logical Forex WatchDog wasn’t too impressed, mostly because price was still above the Logical Forex Groove. I could have waited for the WatchDog to become “bright yellow”, but this was one of those times where experience told me things the WatchDog couldn’t see yet.

*** TRADE #1

EUR/JPY Magnet Magic

EUR/JPY Magnet Magic - Click for Scalping Method

Exit #1

I had taken some profitable trades earlier, and my plan was to hold until the WatchDog changed color. I don’t always trade this way, but I wanted to show you what’s possible. Oh…I also reduced my lot size a bit on this one, partly because I had some nice profits from earlier trades (that I didn’t want to risk too much), and, like I said, this isn’t my normal method to “hold on for more pips” like I did here.

It turned out nicely though…even at a reduced lot size, it was a nice money making “scalp”.

EUR/JPY Magnet Magic - Click for Scalp Details

EUR/JPY Magnet Magic - Click for Scalping Method

I encourage you to watch the EUR/JPY currency pair and learn it’s movements. The patterns regularly repeat. They can be very rewarding. But beware…they can also be difficult to interpret, with frequent “spikes”, large slippages on order fills,  and jittery price patterns…until it gets on a run. And, then, when price is really moving, this pair pays well.

For regular in-and-out scalping, without quite the same level of jumpy moves, stay with the EUR/USD.

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