Forex Scalp – February 1, 2012

I sure do love trading forex with the Logical Forex Indicators. It makes trading fun, and stress-free.

Today, it was the EURJPY that caught my eye.

 

*** EURJPY Market Structure ***

Decision Point

EURJPY MARKET STRUCTURE

 

Zooming out to check market structure, it was clear that price was stuck in a range for the last few hours. Price was certainly going to go one way or another (duh!) – but, which way?

Once price started to approach the Blue Magnet Line, it was time to zoom in a bit and take a look.

 

*** EURJPY Scalp Enter ***

Dance, Magnet Lines

EURJPY SCALP ENTER

 

Let’s look at the Indicators:

  • Logical Forex Activity Lines – Nice boxes. Plenty of liquidity today.
  • Logical Forex News Alert – No news showing.
  • Logical Forex Flow Lines – The Flow Lines are separating nicely. Everything is the same color. The black Spine is fully revealed. It’s like a spring waiting to release its’ energy.
  • Logical Forex Phase – Tracking along very nicely with price. No indications of divergence.
  • Logical Forex Bias – Pointing upwards.
  • Logical Forex Magnet Lines – Price is starting to dance around the Magnet Line.
  • Logical Forex Watchdog – Barking to take a look.

As price went through the Magnet Line, notice that I didn’t enter right away. Why? Because there was no tight dance that I look for. I waited to see what price would do next. It pulled back. Good thing I didn’t enter then, huh?

So, I waited for price to push through that recent high. As soon as it did, I entered a BUY order (with plenty of lots). I should also point out that the broker quote panel was lighting up pretty nicely here, too.

 

*** EURJPY Scalp Exit ***

Exit

EURJPY SCALP EXIT

 

As price continued its rise, I was ready with the SELL button – to exit at any time. As soon as price slowed its’ rise, I exited. As you can see, price did fall back down shortly thereafter. Overall, this was a nice trade with little effort – and no stress. Just the way I like it.

***

Happy Trading!

-Scott

 

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