Forex Scalp – February 2, 2012

Today was another nice trade before the actual open of the NY Session. It’s always nice STARTING the work day with some nice pips in my pocket.

It sure is comforting knowing how effectively I can trade the forex market with the Logical Forex Indicators. If you are still on the fence, hesitate no more – and get started now.

 

*** EURJPY Market Structure ***

Structure, Decision Points

EURJPY MARKET STRUCTURE

 

Price was hovering around the red Magnet Lines for a while. I zoomed in and here is what I saw…

 

*** EURJPY Scalp Enter ***

Magnet Line

EURJPY SCALP ENTER

 

Let’s look at the Indicators:

  • Logical Forex Activity Lines – Nice wide lines. Plenty of liquidity today.
  • 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 – Tracking along nicely with price. Slight indications of possible divergence, but nothing that concerns me too much.
  • Logical Forex Bias – Pointing downwards.
  • Logical Forex Magnet Lines – Price is starting to dance around the double Magnet Line.
  • Logical Forex Watchdog – Barking to take a look.

As you can see, price went through the Magnet Line, and then did a tight pullback direct to the Magnet Line (just the way I like it). As soon as price started to go down (as was evidenced by the broker quote panel), I boldly hit the SELL button – ready to try the trade.

 

*** EURJPY Scalp Exit ***

Pullback

EURJPY SCALP EXIT

 

Price continued downwards. My first exit possibility was when it stalled – represented by the green diamond. The second exit option, and the one that I did take, was when price didn’t just hesitate but in fact pulled back a bit, represented by the green up arrow.

 

***

I am taking a long weekend trip with my wife, so I will be absent until early next week.

Happy Trading!

-Scott

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