Just One Quick Trade. That works for me.

It’s been another very busy day, with too much happening outside my preferred forex lifestyle. I had early meetings scheduled that have been going on until just a few minutes ago, so I’m just now getting the chance to update my blog.

I fired up my trading computer about 6:15am this morning (Central). The EUR/USD had been in a long downward move, and it looked quite powerful. I was a bit tempted to jump in as soon as I saw a setup forming, but I didn’t like how close price was to a Logical Forex Magnet, and especially since price had been moving in the same direction for a while. That’s a dangerous combination…a good place to NOT enter.

So I waited. I didn’t have to wait long for a much better and higher probability trade. About 6:23am or so, price moved through the Magnet line, and all other indicators gave a clear signal…clear enough for me to take the trade. I suppose it was a bit risky in some ways, as the Magnet could have held the price at that level, but it was fairly obvious when trading live that price had some nice momentum. That’s not always easy to see with a stagnant chart image.

Now, I’ve mentioned before that Logical Forex Magnet Lines are not simple support and resistance lines. They are much more mathematically complex, and provide a much more accurate view of the probable price activity.

Anyway…I entered the trade

*** TRADE #1

Scalp was there. So was I. - Click to Enlarge

Scalp was there. So was I. - Click to Enlarge

…and within about 3 minutes was out with 11 pips net.

Exit #1

Scalp was there. So was I. - Click to Enlarge

Scalp was there. So was I. - Click to Enlarge

Even though news was coming up in an hour at the time of my trade, I wasn’t too worried as the Logical Forex signals were giving me strong evidence that the trade would work out fine. It did.

It’s been a long day+night. Unless I find a bucket of energy, I think I’m done for the day.

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