Another Pre-Lunch Scalp

Just as I was beginning to think about what I was going to eat for lunch today, I took a look at the charts. Based upon what I saw, I geared up for a possible scalping trade. As you already know, these types of high-probability trades happen with quite some frequency with the Logical Forex Trading System.

 

*** EURJPY MARKET STRUCTURE ***

Market Structure, Scalp, Magnet

EURJPY Market Structure

 

As you can well see, price had been dabbling with all those blue Magnet Lines for quite some time. If price was going to break through those levels, it would probably be something pretty worthwhile. Especially after such a long run down earlier in the morning.

Time to take a closer look.

 

*** EURJPY SCALP ENTER ***

Magnet Line Dance, Scalp, Enter

EURJPY Scalp Enter

 

Price had been dancing around several of the Magnet Lines. I wanted to be quick on the trigger – as experience has shown there could be a pretty powerful momentum through the next Magnet Line when they are all stacked tightly together like they are. At a minimum, I was willing to accept a slight pullback to the Magnet Line as I was willing to enter prior to the Magnet Line Dance that I usually like to see.

You should also note that the Activity Lines looked good, there was a nice flow to price, the black Spine was fully revealed, the Watchdog was barking, and the Phase was ‘in phase.’

 

*** EURJPY SCALP EXIT ***

Exit, Scalp

EURJPY Scalp Exit

 

I quickly got a nice run up on price, and exited at the first sign of a noticeable slow-down. Remember, after we enter a trade, we no longer have our main focus on the charts. It is now fully on the broker quote panel – watching the velocity of price as well as the net pips. Net pips are nice. Very nice.

Overall, I was pretty pleased with this trade.

Now, what to have for lunch…

-Scott

 

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