Forex Scalping for Fun

Today was another EURJPY. This one sure did start my Friday morning off right.

 

*** EURJPY Market Structure ***

Consolidation

EURJPY MARKET STRUCTURE

 

As you can see, Price had been in somewhat of a range for many hours. After coming out of consolidation, it was approaching some decision points – right where the blue Magnet Lines are hovering. Based upon my prior experience, it was clear that something exciting could happen at these levels.

So, I thought I’d zoom in to take a closer look.

 

*** EURJPY Scalp Enter ***

Magnet Lines, Dance, consolidation

EURJPY SCALP ENTER

 

Let’s take a look at the Indicators:

  • Logical Forex Activity Lines – Very, very wide. Plenty of liquidity.
  • Logical Forex News Alert – No news showing. The USD was quite active with news at this time, but not for the EUR or the JPY.
  • Logical Forex Flow Lines – Price is coming out of some tight consolidation, and approaching a Magnet Line. The Flow Lines are opening up nicely. The Spine is just fully revealed.
  • Logical Forex Phase – Tracking along very nicely with Price.
  • Logical Forex Bias – Just tipping upwards.
  • Logical Forex Magnet Lines – Price is approaching the Magnet Line. Given what I saw in the market structure, this has the potential of being a nice trade.
  • Logical Forex Watchdog– Barking solid yellow.

As Price went through the Magnet Line, I had my finger on the BUY button. It hesitated (the Dance) and then started to accelerate on the broker quote panel. That’s when it’s time to click BUY.

 

*** EURJPY Scalp Exit ***

Magnet Line, Pull back

EURJPY SCALP EXIT

 

Price accelerated very rapidly – as is often the case when there are nearby Magnet Lines. As price came closer to the next Magnet Line, I had my finger ready to press the SELL button. Either Price would accelerate through that line, or it would be repelled. In this case, it was repelled, and I hit SELL as soon as I see some pull back.

Now, I could have held on to see if it continued, but I was quite pleased with the pip total and choose not to get greedy.

 

***

 

Forex scalping really is fun – when trading Logical Forex.

Happy Trading!

-Scott

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