Last week was so busy with other commitments, I didn’t even open charts one time.
Upon opening charts first thing this morning, this is what I saw…
*** EURUSD Market Structure ***
Price was – clearly – making a very long upwards move. Right around the time of opening the charts, it was stuck near a Magnet Line.
Time to zoom in for a closer look.
*** EURUSD Scalp Enter ***
What do the Indicators tell us?
- Logical Forex Activity Lines – Very wide. Plenty of liquidity.
- Logical Forex News Alert – News occurred about 20 minutes earlier.
- Logical Forex Flow Lines – Price had a large move upwards. More recently, it is coming out of some consolidation, and approaching a Magnet Line. It is now deciding whether to continue upwards, or start its descent down. The Flow Lines are opening up. The Spine is fully revealed. Like a spring, Price propels upwards.
- Logical Forex Phase – Tracking along with Price. This is particularly important on a continuation trade. If there were signs of divergence here, it would be a strong reason to stand aside.
- Logical Forex Bias – Still pointing upwards.
- Logical Forex Magnet Lines – Price is approaching a Magnet Line. It made one attempt to go through. If it goes through again, with velocity, then I will enter the trade.
- Logical Forex Watchdog– Barking solid yellow.
As Price attempted to go through the Magnet Line this time, there was velocity as shown on the broker quote panel. It was enough of a reason for me to enter with a BUY trade.
*** EURUSD Scalp Exit ***
Price continued up for several pips before even the slightest hesitation. Given it was such a long move up initially, I was convinced that any further momentum upwards would likely continue a little longer. I was willing to risk a break-even trade but nothing more. After the slight hesitations, Price continued upwards for quite a bit longer. It wasn’t until the deeper pullback and the definite change in the broker quote panel that I exited my trade.
Overall, a nice trade with some healthy pips. I decided to hold on longer for the likelihood of more pips, but I wasn’t being risky about it. Worst-case, I wasn’t going to lose any more than a break-even. The upside, in this case, was very nice.
Even though I hadn’t traded in over a week, it’s nice to be able to step right back into it. This is possible when you pick a system and become consistently good at it. This, and more, is possible with the Logical Forex Trading System.