Take Certain Profits When Scalping

The EURJPY has been moving in some fairly smooth patterns the past few days, and I thought I’d post a few more.

The trades I just took were rapid-fire, in/out then in/out. I did this because that’s what my rules said to do. :-) Yes, I could have held on to see what was going to happen near the Logical Forex Magnet, but I had a nice profit I wanted to put in the bank…and I knew I could re-enter when the indicators told me that the probability was high for another good trade. There’s just no need to predict when scalping forex the logical way.

*** TRADE #1

Price had been stuck in consolidation for a while, after a previous and recent nice move up. I waited for the breakout AND for the Logical Forex Indicators to give me a heads-up…

Scalp Breakout - Click to Enlarge

Scalp Breakout - Click to Enlarge

Exit #1

Scalp Breakout - Click to Enlarge

Scalp Breakout - Click to Enlarge

Rather than wait to see what price was going to do near the Logical Forex Magnet Line, I took my profit, but was ready to re-enter if the signals were right.

*** TRADE #2

The signals were right. :-) The probabilities were high. Well…the WatchDog wasn’t yelping loudly, but enough for me for this kind of trade. Remember, too, that the Logical Forex Magnets are NOT simple support/resistance lines. They are far more comprehensive and helpful than simple support/resistance.

Scalp after Magnet - Click to Enlarge

Scalp after Magnet - Click to Enlarge

Exit #2

Can you see why I exited?

Scalp after Magnet - Click to Enlarge

Scalp after Magnet - Click to Enlarge

That’s enough for today/tonight.

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