Well, it sure has been a while since I last posted. There have been a lot of things going on in my part of the world. Fortunately, things are settling down somewhat – which gives me some time to post.

I have a lot going on today, and little time to trade. But, I opened my charts before I had to hunker down on some work and saw something worth looking further into.

Take a look…

 

*** EURJPY Market Structure ***

 

Price had experienced a rather large move down. More recently, it was trading in a range, edging up very slowly over the last several hours. It had been spending quite a bit of time around the Blue Magnet Lines.

 

*** EURJPY Scalp Enter ***

 

Price was once again interacting with a Blue Magnet Line.

Let’s take a look at the Indicators…

• Logical Forex Activity Lines – Starting to widen, as it gets closer to the U.S. open.
• Logical Forex News Alert – None showing.
• Logical Forex Flow Lines – Price is coming out of somewhat of a trading range. Most recently, you can see all the stacking yellow – showing Price consolidation. Then, the Flow Lines start to fan out. The Spine is almost fully revealed.
• Logical Forex Phase –Tracking along nicely with Price.
• Logical Forex Bias – Pointing up.
• Logical Forex Magnet Lines – As you can see, Price is dancing with the Magnet Line. There is a very nice dance right on the Magnet Line (my favorite) and then Price accelerates through.
• Logical Forex Watchdog– It is barking yellow just prior to the trade opportunity. Notice it is solid bright yellow at the time I will pull the trigger.

Time to enter a BUY trade just as Price starts its acceleration through the Magnet Line.

 

*** EURJPY Scalp Exit ***

 

Price climbs steadily, only hesitating briefly shortly after I enter. I choose to ride that out. At the time that Price actually pulls back, I exit with some nice profits. Some braver folks might have held on until Price crossed the Groove at 98.90, but that is definitely more aggressive trading. I choose to be happy with my pips collected and can move on with my day.

***

If you haven’t tried Logical Forex yet, what are you waiting for?

Happy Trading!

-Scott

 

Tags: forex scalping, Magnet Dance, magnet lines

This entry was posted on Thursday, June 28th, 2012 at 7:00 am and is filed under Scalping Setups. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.