Forex Scalping on a Friday

 

NOTE from Greg: Scott is joining me in posting trade examples and other important forex trading tricks, including your “mental perspectives”. As I’ve mentioned before, Scott has more than a decade of direct experience in the financial markets, and is a professional trainer. You’ll particularly enjoy his insights, since, like you, he was new to Logical Forex several years ago, and has been extremely committed to himself… and me too. I have dedicated nearly countless hours to bring him to a Master Level as a forex scalper and forex trader. You’ll notice he approaches things a bit differently than me sometimes. You’re going to enjoy Scott… and you may have already had some interactions with him so you know he is a great person to be around. Enjoy. -Greg

 


 

I’d like to say an official hello to all of our longtime, recent, and soon-to-be Logical Forex clients. As Greg has explained in recent posts, there are a lot of exciting things going on with Logical Forex. And, the market is ripe for some high-probability scalping trades.

Now, let’s look at  a trade from a Friday near the London Close…

### EUR / JPY MARKET STRUCTURE

EUR/JPY Friday London Close - Market Structure

When I zoomed out on the chart, the market structure was telling me it was at a critical decision point. That certainly caused me to take a closer look.

***TRADE #1

EUR/JPY forex scalp near London Close

Now, this was an interesting time for a set-up — just past noon U.S. Eastern Time — right after the European market closed out its’ books. It is not my ‘typical’ trading time, but the market activity (as represented by the Logical Forex Activity Lines) was looking good. Price was interacting exactly as I like it with the Logical Forex Magnet Lines, market flow looked good, the Watchdog was firing, and the broker quote panel started to light up. Yes, I was ready to try the trade. Remember, there are no certainties in Forex; we simply want to stack the odds in our favor.

EUR/JPY London Close Scalping Exit

 

As you can see, I got out as soon as price went against me. Overall, it was an easy, stress-free trade. That’s how all  of your trading can be with Logical Forex.

Is there any reason why you cannot consistently trade this way every single day? Remember, it’s not about making many trades over the course of the day. It’s about patiently waiting during your available trading window for those high-probability scalping trades and then trying the trade when everything is – well – LOGICAL.

There really isn’t a more fun way of forex scalping that I have ever found. In fact, I rarely even do any other kind of forex trading. Logical Forex is that powerful, and I will continue sharing my own experiences with it, here on the blog, and as your personal Forex Mentor, too.

-Scott

 

 

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5 Responses to “Forex Scalping on a Friday”

  1. Greg says:

    Hey Robert… Scott gave some good insight into how he applied the Logical Forex Phase to this trade. In addition to what Scott has mentioned, I tend to focus on the Logical Forex Phase mostly when I am considering a “continuation trade”. What I’m talking about is when price has already made a rather substantial move, and it looks like it has consolidated for a while, and may be ready to move again in the same direction, a “continuation” of the move.

    In this particular chart view (where we are considering an entry) we’re not really in a “continuation”. The price flow was moving like it so often does near the London close (and particularly on a Friday) when the “books are being closed”.

    And, the important parts of the Logical Forex Phase are the “peaks and valleys”…. generally where the highest (or lowest in this case) areas of the Phase appear. When they are relatively along the same mostly-flat horizontal line, then I’m not alarmed at all. If, however, there was a drastic “upward angled line” (in this chart) that could be drawn from those “low points”, then there would be more cause for concern. Just looking at the most recent part of the Logical Phase and matching it against the most recent price flow DOES have a purpose, but not really in this particular trade.

    In general, the Logical Forex Phase gets my attention (1) when it just looks ODD and “out of phase” / “out of sync” with price flow, and (2) mostly only when I’m considering a continuation trade.

    It’s really a matter of seeing the same scalping patterns over and over… and the being able to somewhat know the tendencies like you do your spouse or your best friend. It’s never a “for sure” thing that your spouse or your best friend or the forex market will “follow those patterns”, but when combined with all of the other things we can see with Logical Forex, it sure makes for a great deal of confidence when taking a forex scalp.

    Scott and I cover this kind of information even deeper in our Forex Mentoring program, and there is also some significant detail in the Logical Forex Premium Videos.

    It sure is great to see you here! (And you, too Rod!) Aussie Traders Extraordinaire ;-)

    -Greg

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