Well, it’s been a full two and a half weeks since I’ve last posted to the blog. Unfortunately, I’ve been dealing with some family health issues that required my full attention. I was out of town for a while, and then playing catch up upon my return.
So, it’s been a little while since I’ve done any forex scalping. The nice thing about scalping forex is that you can walk away from it – and then return to it – whenever you want. Ah, the freedom.
Ok, so here’s today’s trade…
*** EURUSD Market Structure ***
EURUSD MARKET STRUCTURE
As you can see, price was flirting around with the Blue Magnet Line, at a level where it had been doing so several times before. Which way would price go, I surely do not yet know.
*** EURUSD Scalp Enter ***
EURUSD SCALP ENTER
Let’s look at the Indicators:
- Logical Forex Activity Lines – Decent. Nothing telling me to stay away.
- Logical Forex News Alert – None showing.
- Logical Forex Flow Lines – Price consolidated a bit and then started its’ descent upward. The Spine is fully revealed. Lines are spaced out nicely.
- Logical Forex Phase – Tracking along nicely with price. Nothing raising any red flags just yet.
- Logical Forex Bias – Definitely pointing upwards.
- Logical Forex Watchdog – Barking at me to take a look.
- Logical Forex Magnet Lines – Notice the beautiful tight dance right beyond the Magnet Line. As price started to exceed that recent high, and I eyed the broker quote panel, it was clear that something was happening.
I hit the BUY button, ready to try the trade.
*** EURUSD Scalp Exit ***
EURUSD SCALP EXIT
This trade definitely wasn’t a fast one. In fact, it was painfully slow. Often-times when the Activity Lines are not very wide, you need to accept this. I kept my finger on the SELL button – ready to get out of the trade at any second.
Because there was another Magnet Line in close proximity, my target exit was to see if price would be repelled or attracted. Price did go through, pulling back to the line. On the next push, it was unable to exceed where price had been, so as it pulled back on the broker quote panel – i took my exit – and my pips of profit – with me.
***
How is your scalping trading going? Please let me know by posting a comment. I’d love to hear from you.
Happy trading!
-Scott
Tags: Magnet Dance, magnet lines, scalping forex, scalping setups
Enjoying the education. Soaking it all in. I am brand new to Logical (not to Forex). Thank you for the Blog Posts. These are helpful as I watched that setup develop this AM
Hi Eric!
Thanks for the nice comments. I am glad they are helpful. Keep at it, Eric.
-Scott
HI Scott: I am very sorry to hear you’ve had to endure some family health problems. I hope all’s now greatly improved. I know I am disliked by you two, but I will comment, anyway. You still have the BEST trading software available…except in a fast mkt…but, that’s probably my old puter and somewhat slow DSL feed. Your 8 minute upcoming news warning on charts is fantastic. The magnet lines and phase indicator are your genius at work.
The unique nature of your price line is also fantastic. I can read and trade with total confidence and ease. There’s absolutely NO stress. Take very good care of your family and trade only when you feel it’s safe for you to do so. Thanks…John
Hi John,
Thanks for your concern. Yes, everything is looking much better now, thanks.
I am pleased that the Logical Forex Indicators are still working so well for you. A slow computer and a DSL feed may cause the issues you are mentioning. I haven’t been on DSL in over a decade, so I can’t personally comment on that.
There are times where the market is moving so fast, I wouldn’t even attempt to get in. I would likely end up with a bad fill. But, like missing a train, there is always another one shortly behind it.
Generally, if I don’t see a dance around the Magnet Line, or price isn’t slow at the Magnet Line and then starts to accelerate as seen on the broker quote panel, I will pass on the trade. I’d rather pass than miss the velocity of the move.
Keep practicing, John, making the system work for you. If the trading suggestions you have made to me in various support tickets continue to work consistently for you, that’s all that matters. I continue to trade the system the way that works for me and Greg, and that’s what I try to show folks on the blogs and videos.
-Scott