Wow! I cannot believe that Christmas has already come and gone!! I have had the best of intentions to post several blogs over the last few weeks, but…
that obviously didn’t occur. As it turns out, intentions won’t actually sit down and write a blog post for me. : )
As is often the case, the forex market simply isn’t as active during the weeks around Thanksgiving until after Christmas. Remembering that the forex market is simply ‘people’ – it makes sense that these ‘people’ may still be on vacation. Doesn’t it?
Today is the first day that I sat down to look at the charts for several weeks. I was ‘thinking’ about forex scalping. I was starting to get that itch. I wanted to scalp – now.
Here’s what I saw when I looked at EURUSD a few moments ago.
*** EURUSD MARKET STRUCTURE ***
Market structure was hovering near a Magnet Line towards the center of the chart. I’ve traded here many, many times before. This ‘looks’ like a tradeable opportunity. Let’s take a closer look.
*** EURUSD ZOOMED IN ***
Ugh. This looks terrible. Just look at those Logical Forex Activity Lines – look how narrow they are. For every 6 minutes of time that passes, there is hardly anything going on with price. This is untradeable. There is nobody out there to play Forex Scalping Games with me!
Despite the obvious itch I had to trade, I didn’t. Even if everything else looked perfect (which it didn’t, by the way) the lack of market activity (as represented by quickly eyeballing the Logical Forex Activity Lines) was enough to keep me from even opening up my broker quote panel.
Beyond looking at Market Structure, the Logical Forex Activity Lines are the next thing I look at when deciding if it makes sense to consider a trade. Since they looked unfavorable (horrible, actually) there was no sense whatsoever to look at anything else. It was time for me to walk away. As you probably know, the longer you stare at a chart, the harder it is to sit on the sidelines. That’s why I minimized the chart and moved on to something else.
I should also mention that our other currency pair, EURJPY, looked similar in its nastiness. : )
It is doubtful that there will be many great trading opportunities this week, but I am going to keep on the lookout nevertheless.
Even if I can’t post trades that I took, I will still post another blog or two this week – addressing some things I have on my list that I want to tell you about.
For those of you who are still looking to start trading forex, and have not yet dipped your toe in the Logical Forex pool, then the time is now! Take a test drive with a Logical Forex Trial – and see if Logical Forex scalping is the kind of trading that will work for you.
2012 is right around the corner. It’s time to start honing some skills that will pay you back for many, many years to come.