The Patient EURJPY Forex Scalper Always…

I found myself having to be “extra patient” tonight. I guess I was feeling a bit aggressive and wanting to trade. I get that way sometimes…still. :-)

It is CRITICAL though to be patient and LET THE MARKET TELL YOU WHAT IT IS DOING. The Logical Forex Trading System helps you interpret the market and give it a logical structure, with clear reasons when to enter and when to exit. The Patient Forex Scalper is always, well, patient…and smart…and trades with the flow of the market ONLY when the highest probability, low risk, no stress trades setup.

So, I was patient. ;-)

A quick glance at the currency pairs of EURUSD and EURJPY gave a CLEAR indication of what to trade. I’ve posted the charts of both currency pairs, zoomed out. I hope it’s obvious why I chose EURJPY, but the EUR/USD actually was something that could be traded, too. I just liked the way the EUR/JPY looked. The Logical Forex Flow was more “structured” to MY eyes…and all of the Logical Forex Indicators were signalling that the setup was good.

### The EUR/USD pair zoomed out

EUR/USD Market Structure Zoomed Out

EUR/USD Market Structure Zoomed Out

### The EUR/JPY pair zoomed out

EUR/JPY Market Structure Zoomed Out

EUR/JPY Market Structure Zoomed Out

Which currency pair looks better for a high probability trade?

I chose the EUR/JPY. :-)

I suppose if you were looking at the trade as more of a “breakout”, then the EUR/USD would have been fine, too…but I was looking more at the overall market structure, the momentum of the price movement, the alignment of all of the Logical Forex Scalping Indicators, and so on.

*** TRADE #1

Everything “came together”…good momentum, good structure, good indicator signals, good setup…and a few other things that my Private Workshop clients know, too.

EURJPY Classic Forex Scalping

EURJPY Classic Forex Scalping

Exit #1

This forex chart is a GREAT example of why I exit “quickly”…when price begins to move against me. I have included a few more moments in the chart image so you can see that price did continue up after I exited, and then came tumbling down fast…those fast moves that create stress, and sometimes, particularly with the EUR/JPY, moving so fast it’s hard to exit “fast enough”.

EURJPY Classic Forex Scalping

EURJPY Classic Forex Scalping

What you are looking at is a fairly classic trade that I take all the time. You’ve seen it over and over in the blog postings here. And, I’m convinced that if you continue practicing and building up your experience with actual trading, you will do this REGULARLY and CONSISTENTLY on your own. It’s something that CAN be mastered! And you WILL! Keep going!

6 Responses to “The Patient EURJPY Forex Scalper Always…”

  1. Greg says:

    Hi Amin!

    I’m glad you see how Logical Forex can help you trade with consistent profits.

    When you say you “need 20 pips a day”…I’m sure that’s not what you really mean.

    How do I know that? Well, *pips* are *worthless*.

    What you need is some “dollar amount profit” — or in your case, probably “yen amount profit” each day. Now that I understand. :-)

    Let’s try something with an example. Just for simplicity, I’m going to say “dollars” in my example. I can think that way easier. Dumb American. Forgive me. :-D

    We will both trade the EUR/USD. You’ll look for and hope to find 20 pips that give you a clear signal for entry and exit. Yes, you can do that, but it’s not easy.

    What I’m going to look for (and WILL find) is SEVERAL times during the day where I can find SUPER HIGH PROBABILITY TRADES with very clear signals shown by the Logical Forex Indicators. With these super high probability trades, I am only going to collect “4 pips”, let’s say. Of course, depending on market conditions…and how well I know the currency pair…I may be able to hold on to the trade for far more pips…but that will only be “nice” and NOT a requirement.

    Now, let’s assume you trade 1 full lot. You get your trade that profits for 20 pips. You’ve made $200 USD. And, that’s fantastic!

    But, I can again with some certainty say that the trade will have you somewhat on edge…even a bit nervous perhaps. Or, maybe it won’t. That all depends on your basic personality. You’ll have to wait (most likely) for some retraces before you hit your 20 pip target. You’ll be tempted a number of times (most likely) to exit…then…wait!…stay in…no, get out…

    That kind of trading just doesn’t work well for me.

    Alternatively, you could draw fib lines and trend lines and whatever else you like, and then create some Limit Order with OCO at a Stop Loss and Take Profit. That works well for some people, too. But, for me, I struggle with this style of trading. Here’s why…it seems like countless times I have setup the “perfect trade” with a reasonable Limit Entry and good Take Profit and Stop Losses. I have carefully “analyzed” the market, and “done everything right”. The, I “left it alone” (to go to work, or to bed or whatever).

    Some time later, I look at my charts and my orders. Yay! The Limit Entry was filled!

    Oh no! What is this?! It was 2 pips away from my Take Profit, and then price reveresed…then took out my Stop Loss! OUCH! And, to make me MORE miserable, I see that price “just took me out at my stop”, then immediately reversed to go far past my take profit.

    Has this happened to you, too?

    I got absolutely sick of this! And, that’s part of the reason I created the Logical Forex Trading System.

    So now, within a small window of time (almost always less than 1 hour, and often less than 30 minutes), I can “monitor my trades”. Better yet, I am only “in” my trades for a few minutes, sometimes just a few seconds. EVERYTHING I DO IS CLEAR AND EXPLICIT TO ME based on the Logical Forex Indicators and the system.

    I don’t predict.

    I don’t analyze (and certainly don’t OVER-analyze).

    I don’t hesitate.

    I get in-and-out quickly…usually for 4-5 pips…but often for far more. You can see examples of this on the many trade examples I’ve posted on this blog.

    Now, consider this…which is easier to find AND to trade…a 4-5 pip move with CLEAR signals…or a 20 pip move?

    Yep, a 4-5 pip move is easier. Always. Every time.

    Even better, there are OFTEN 3 or so VERY good trading opportunities during any “session”, where “session” is defined as a 1 hour period (or so), most often during market opens and closes…but other times throughout the day, too.

    And now…the biggest difference…remember…you made $200 in our example?

    You traded 1 full lot (in our example).

    Do you know how many lots I traded? Well…far more than 1 full lot.

    What if I traded 5 full lots? Did we make the same $200 USD profit? YES.

    Yet, your stress was far more than mine. You had to do much more work to “do your analysis” and setup all the things…and then hope. Lots of hope. Even some prediction. That’s just not for me.

    Sure, the trade might go against me. But, again, with the Logical Forex Indicators and Trading System, I simply trade with the LOGICAL Flow of the market…and when price isn’t making sense any longer, I exit. And, this means that I am in-and-out of trades VERY quickly. When I lose (it does happen from time to time), then I rarely lose more than a few pips. And, I can make this even easier (not losing many trades) by SERIOUS observation of the currency pairs I trade (usually the EUR/USD and the EUR/JPY). In other words, I know them like my spouse or my best friend. Even though I know them well, they WILL do IL-logical things from time to time…but MOST of the time, there is a certain pattern and behavior pattern they exhibit. Just like the forex market. And, I use that to my advantage, putting all of these things together to give me a distinct and powerful edge.

    So, the short answer to your question is…YES you can “make 20 pips” because the market gives you multiple opportunities throughout the day to trade for a LOW STRESS, High Probability, Low Risk setup…usually for 4-5 pips. Even better, as you improve your skills with Logical Forex, you can significantly increase your Lot Sizes on each trade, and while keeping that same low stress, trade for some nice profits on very “small moves”.

    If you haven’t already, take a look at The Secret Forex 4.2 Formula, and see how powerful trading the Logical Forex method can be…and how much fun, too!

  2. Greg says:

    Hi Amin.

    I guess I didn’t say things very well.

    Let me try again…

    I will find 2-3 trading opportunities 3-6 times per day. Not EVERY day, but most days.

    I will attempt to collect at least 3-4 pips on each trade I execute. Often, I do much better than this, but I am totally satisfied with 3-4 pips on ANY trade I take. I rarely lose because I wait for high probability setups, so I rarely have to “recover any losses”, and if I do, they are usually insignificant losses because of the way I trade…in and out quickly, when the trade goes against me.

    So…let’s see what my trading day looks like.

    First, let’s assume for this example that I trade ONE Full Lot. We will say I have found a total of 4 trading opportunities during the day, usually at the open and close of each trading session.

    4 trades at 4 pips each = 16 pips

    Maybe that’s close enough to 20 pips for you. Maybe not. But remember, many of my trades are much more profitable than 4 pips. Look at the blog postings. Almost all of them show my profits are more than 4 pips per trade.

    Even so, let’s assume that I don’t want to increase my exposure to the market by trading even 4 times per day. Let’s say I want to find THE ABSOLUTE BEST HIGHEST PROBABILITY TRADE SETUP and trade ONLY THAT…and only ONCE per day. I don’t want my life passing me by while I stare at charts hoping to find 10 pips, 20 pips, or whatever. I don’t want to “draw fib lines” and “trend lines” or anything else like that. I just want to sit down, glance at my chart….and IMMEDIATELY know what to do.

    And, that’s how I trade. Usually within about 30 minutes of when I start trading (mostly open and close of each session), I am DONE FOR THE DAY.

    Here’s what I do…

    1. Look for the highest probability setup. They are almost CERTAIN to appear during almost ANY open or close.

    2. I *know* that there will be a MINIMUM of 4 pips of movement in that high probability setup. I have no idea if there are more pips available. I don’t care. If price moves in my direction with some momentum, I’ll stay in the trade. If it doesn’t, then I’ll get out with my 4 pips and be happy.

    3. I’ll assume your 20 pips per day is on 1 full lot. I’m just using that as an example. So, while you are looking for a high probability 20 pip trade (good luck)…I am looking for a high probability 4 PIP TRADE…and that WILL happen…almost “on schedule”…every day.

    4. And, here’s the difference between what I do and what most others do…using your example of needs 20 pips and assuming 1 full lot…I WILL TRADE 5 LOTS AND THOSE 4 PIPS MAKE $200…the same as a 20 pip 1 full lot trade.

    I am in and out and done for the day with a low risk, super high probability trade, with no stress at all. None. I don’t have to set limit orders and hope they get filled. I don’t have to worry about when my order is filled if my stop would be taken out just as price moved “in my favor” but I wasn’t in the trade.

    Nope. I don’t have those things to deal with. Ever.

    I’ve found and made my $200 with great ease.

    So, the answer to your question is…it doesn’t matter how many PIPS you get in a day…it matters how much MONEY you earn in a day…and how much effort and stress you go through to make that money.

    I like my method. You will too. :-)

    -Greg

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