Scalping Forex Using Market Symmetry

Today was a good day for the EURJPY. I am glad I got up early and sat down at my computer when I did!

I sure do love forex scalping!

 

*** EURJPY Market Structure ***

Decision Points, Chart

EURJPY MARKET STRUCTURE

 

Notice the nice symmetry with the flow of the market. Price was hovering around a very nice Magnet Line. I like what I see so far.

 

*** EURJPY Scalp Enter ***

Magnet Line Dance

EURJPY SCALP ENTER

 

Once I zoomed in, this is what I saw.

Let’s look at the Indicators:

  • Logical Forex Activity Lines – The lines are nearly boxes. They are not super-wide for sure, but approaching the NY open was enough reason for me to look further.
  • Logical Forex News Alert – No news showing.
  • Logical Forex Flow Lines – The Flow Lines are coming out of consolidation, and separating nicely. Everything is the same color. The black Spine is fully revealed.
  • Logical Forex Phase – It is tracking along with price.
  • Logical Forex Bias – Starting to point downwards.
  • Logical Forex Magnet Lines – Price did a very tight dance around the red Magnet Line, then started to go through just as the broker quote panel started to become very active.
  • Logical Forex Watchdog– Barking to take a look.

As price started to tank on the broker quote panel, I entered my large-lot sell.

So, how did the trade turn out? Was I wise for entering when I did?

 

*** EURJPY Scalp Exit ***

Pull Back

EURJPY SCALP EXIT

 

Price continued falling. It did hesitate shortly, and I was very much ready to exit if price pulled back against me at all. I would have still exited with profits. However, price did continue down. I exited as price started to take back what was so nicely given to me.

Overall, this was a very nice pip trade. I could have held on even longer for more profits, but I could have also ended up many hundreds in the red, too. I prefer to go for the low-lying fruit – compounding my profits all the way. Leave the rest of the money for those who prefer more stress than I do.

***

If you have been reading my blog posts for a while, I really do hope that you are seeing similarities in my trades. There are many. In fact, many of the trades I take I can take my analysis of the Indicators and copy-paste much of it. Isn’t it comforting to know that certain things can be identified and then traded consistently? It sure is for me.

Happy Trading!

-Scott

 

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