Forex Scalping Before Work Begins

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 ***

Range

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 ***

Magnet Line Dance, Momentum, Breakout

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 ***

Acceleration, pull back

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

 

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