Sometimes, when I cannot fall asleep for whatever reason, it is nice to pull up some charts and take a look. Yesterday, when I pulled up my charts, I saw a pretty cool setup.
Take a look and see what you think.
*** EURUSD Market Structure ***
Price had been making its way down for quite a while. I wonder whether it will continue.
*** EURUSD Scalp Enter ***
Let’s see what the Indicators can tell me…
- Logical Forex Activity Lines – Starting to widen, as it gets closer to the European open.
- Logical Forex News Alert – None showing.
- Logical Forex Flow Lines – Price had a very quick move down, as it went through one Magnet Line, and then danced around the second Magnet Line. As the Dance occurred, the Flow Lines fan out a bit and the Spine is now fully revealed.
- Logical Forex Phase – It would appear that there is Divergence showing, but with such a fast move this Indicator is not revealing of much. As you likely already know, Indicators do tend to lag Price – particularly in a very fast move.
- Logical Forex Bias – Pointing down.
- Logical Forex Magnet Lines – As mentioned previously, there is a nice Dance of Price, in this case on the other side of the Magnet Line.
- Logical Forex Watchdog– It is barking yellow just prior to the trade opportunity.
As momentum was clear to see on the Broker Quote Panel, I enter a SELL trade and see what happens.
*** EURUSD Scalp Exit ***
Price continues down at a nice pace. By the time Price had pulled back a bit, I was already in profit by 5+ pips so I was plenty happy getting out of the trade.
The more you watch the charts, the more you will realize just how often such high-probability trades occur with the Logical Forex Indicators. Maybe it’s your turn to see if you can really compete against the big boys – using Logical Forex.