Well, as we draw closer and closer to Christmas, the market is beginning to be a bit less liquid, meaning it will normally have larger spikes and more jumpy moves.
You CAN trade during this time, but you MUST be careful.
One of the best ways to be careful is… to make sure you allow the market to TELL YOU WHAT IT IS DOING, and NOT try to predict! In other words, I’m a deliberately being MORE cautious than normal in allowing the Magnet Dance to occur before I trade. If it does not happen and price just blasts through a Magnet Line and I’m not quick enough to enter the trade… then so be it… I will simply wait for the next one. Of course, “waiting for the next one” during the next few weeks WILL take some patience (most of the time)… but is this really any different from how we normally trade… being careful no matter what and adjusting to what the MARKET is DOING?
We must make sure to not “dictate” to the market. It owes us nothing. Like you, I “need” to make “X” dollars per day… but I can ONLY do that when market conditions are Right. There is no sense going fishing in the sand of the desert, right?
So… here is the setup… You DO notice how this is another example of what I discussed in the video I posted just prior to this one, right? Patterns. It’s all patterns… and with the Logical Forex Indicators, we can SEE those patterns in ways that most people never will. We have an advantage!
*** TRADE #1
Holiday Forex Scalping Magnet Dance
For those who have absorbed the Logical Forex Premium Videos — you DO see “that same ole thing” that I use so often, right? It SURE is powerful.
You know… maybe I should remind everybody…
Be sure to CLICK THESE CHART IMAGES to zoom in and get a good look at the details! The chart will open in a new browser window. Just close that window to return here.
Exit #1
Holiday Forex Scalping Magnet Dance
Now, I’m sure you’ve already noticed… 
I have decided to make a special offer to you during the Holiday season. You’ll see the offer appear in your browser a few times (maybe 4-5) and then it will disappear and not be shown to you again. Sometimes viewing a page you haven’t seen before (or in a while) will make the special offer appear. Sometimes. So, I recommend that you pay serious attention to what I’m offering you. And… consider this… After the first of the year, I’m going to do a couple of things… such as likely change and limit those who can even gain access to Logical Forex… and I’ll be providing those who are already part of the Logical Forex Family some additional opportunities.
It’s a good time to close out this year and start your new year by becoming a truly Professional Forex Trader. Take advantage of my special offer to you. YOU DESERVE IT.
-Greg
Hey Greg!
YEE HAW! I saw that setup and took it too! I got 14 pips out of it …. it is the long runs like that that make me wish I would have hung on the that horse a little longer.
…though I know what happens to “Pigs”
ce
That is fantastic to hear Mojo! Those bigger moves really are a fun windfall when they happen, but I never “expect” them. I hardly even “hope” for them. I just take them when they happen… mostly because it’s easier to stay in than it is to get out. And, when it’s not, I get out earlier. Hmmm… think about that one for a while. .
-Greg
Hi Greg.
Happy New Yr! 2010
The trade above took approx. 6 minutes.
That wasn’t your signature in and out quickly.
There were a lot of bumps along the way too, especially the one just before you got out, at the 1.4616 grid line. Then, you were out before it hit the groove.
Was it because the bias was closing in on the magnet line?
Was it that the price line was a good distance away from the groove for the duration?
Was it because the Watchdog went orange, (but it looks like you bailed before that).
You said…”mostly because it’s easier to stay in than it is to get out. And, when it’s not, I get out earlier. Hmmm… think about that one for a while.”
I have thought about it, but wonder if you could elaborate.
There have been many times, where I have bailed early into the trade because of those bumps and only get 2 or 3 pips, then watch along, and it goes for another 15, 20, 30 or even 40 pips.
What triggers you to stay in at each bump, as the price certainly does swing and stall on the platform, such as FXCM when the bumps occur, and then the price line falls again?
Please help us newbies understand when it is best to stay in on these bumpy rides and when to bail out.
Christiger
I believe I have flushed my brain since that trade. Too much eggnog.
Keep in mind that “how long in time” does not necessarily mean “in and out quickly”. There are the dynamics of the market movements AND how well I know my currency pair. I suppose I can be a bit more “tolerant” of certain types of moves and patterns… especially if I have seen them before (and before that, and before that…) [hint].
If you’ll notice, it really wasn’t until the “end” of the trade when price actually “went against me”. Yes, I most often DO get out at flat-spots, but the way the quote panel was moving, I wasn’t took concerned about holding. And, yes, I suppose I got trapped a bit into my own “end the year with a big one” thought process. Uh oh. That human side DOES appear occasionally.
Your “list” of “Was” questions… Yes.
When you are looking at these charts, there simply isn’t a good way to “exactly” mark them with “exact” entry/exit points with those little arrows. Plus, EVERYBODY will get in and out slightly differently based on their own mental perspectives, and especially their own broker quotes. The idea is… when I mark these charts, find them on your own chart and you can “dial in” a bit more clearly to see where YOU might have taken the trade… but more importantly… to SEE THE PATTERNS so that YOU can TAKE THE TRADE ON YOUR OWN NEXT TIME!
Bailing early? There really isn’t such a thing. ANY Profit Is GOOD. ALL Profit Is Good. Take it. Enjoy it. Move on.
Bailing LATE? Now THAT is a different issue. The ONLY time one “bails out late” is when they are in “prayer mode” in their trade. Not good. Don’t do it. ANY Profit Is GOOD. ALL Profit Is Good. Any SMALL loss is perfectly acceptable. Any LARGE loss is not, and there is rarely a reason for it, other than our own “misdeeds”. Sure, sometimes the market DOES go crazy right as we enter a trade, but I find it quite easy to “move on to the next trade” when that happens… even if I am a bit frustratated (but only for a short while! REMEMBER WHAT YOU LEARNED IN THE PREMIUM VIDEOS!
What keeps me “in” a trade… able to hold on longer? Well, consider this… what makes it where you can “know what your husband is thinking” and respond accordingly? Well? Somehow “magically” you know this? No. You know it because you have “studied him” for a while and know his patterns. And, you use “things” to get clues from him and “monitor” him … the way his eyes look at that moment, what has happened to him earlier in the day (that you know about)… many things. Then, you consider what you are “seeing in the moment” and act accordingly.
Is this any different than “monitoring” the market using the Logical Forex Indicators? Is it any different “knowing HIM” as it is knowing your currency pair?
One step at a time. One day at a time. One moment at a time. You’re doing that, and staying VERY committed, and that is EXACTLY how you become a professional in ANYTHING… including forex trading.
-Greg