The Euro Coaster Continues

I am amazed at all the craziness currently going on in the currency markets – all financial markets for that matter. There is so much speculation as to what is going to happen next. One thing is for certain – there is a lot of intervention going on with central banks all over the world.

The great thing about Logical Forex is we don’t need to keep up on all of this – we simply need to trade what we see – in real-time. That is certainly a stress-free way to trade.

 

*** EURJPY MARKET STRUCTURE ***

Scalp, Structure

EURJPY Market Structure

 

As you can see, price was stuck inĀ  a trading range for several hours. I figured that price had a higher likelihood of bouncing off the Magnet Line and turning into a buy trade, but I wanted to keep my eye on what price was actually doing – not what I thought it might do.

 

*** EURJPY SCALP ENTER ***

EURJPY Sell Trade

 

It was just leading up to the close of the European session – and lunch-time on the U.S. East Coast. I was mindful that I might get one more trade out of the session.

Activity Lines looked good, market flow looked right, the Phase was acceptable, and the Watchdog was barking. Of course I had to take a closer look.

As price started interacting with the Magnet Line, I started to see the typical tight dance that I have seen a million times before. As price made its way through the Magnet Line the second time, it was crystal clear by looking at the broker quote panel that price was headed DOWN. Good thing I didn’t guess. I would have been wrong. Hmmmm.

 

*** EURJPY EXIT ***

EURJPY Exit

 

Price moved down at a nice velocity. By the time the flashing started to slow down on the broker quote panel, it was time to exit the trade. I got some easy pips and it was time for lunch.

How did you do with your trading today? I’d love to hear from you.

-Scott

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