Posts Tagged ‘best times to trade’

Another Wonderful Forex Scalp

Tuesday, January 31st, 2012

I sat down at my computer a bit earlier than usual today. I had the urge to take a look at my charts.

This is what I saw…

 

*** EURUSD Market Structure ***

Decision Point, Structure

EURUSD MARKET STRUCTURE

 

Price was indeed hanging out at a very long and pronounced line of Magnet Lines. Worth taking a closer look? Absolutely!

 

*** EURUSD Scalp Enter ***

TightDance

EURUSD SCALP ENTER

 

Let’s look at the Indicators:

  • Logical Forex Activity Lines – Good, not great. Taking a trade here, especially this much before the NY Open, will likely mean the trade won’t be a quick in and out. Not everybody has come to play forex games just yet.
  • Logical Forex News Alert – No news showing.
  • Logical Forex Flow Lines – The Flow Lines are separated nicely. Everything is the same color. The black Spine is fully revealed.
  • Logical Forex Phase – Tracking along very nicely with price. No indications of divergence.
  • Logical Forex Bias – Starting to point downwards.
  • Logical Forex Magnet Lines – Price did a very nice, tight dance right on the Magnet Line.
  • Logical Forex Watchdog – Barking to take a look.

As price did its’ tight dance directly on the Magnet Line, I could have entered as price pierced through the Magnet Line. However, the broker quote panel wasn’t as active as I like to see. This also has to do with the lack of great liquidity at the moment. Had I entered, I would have quickly been -4 or so after spread/commissions. I did decide to wait for the pullback and then, as price exceeded its’ recent low, the broker quote panel became more active and I hit the SELL button.

 

*** EURUSD Scalp Exit ***

Pull back, Stall

EURUSD SCALP EXIT

 

As expected by the Activity Lines and time of day, this was not a fast trade at all. It did, however, have a consistent (albeit slow) descent. Once price started its’ pull back, it was time to hit the BUY button and walk away with my net pips.

 

***

 

What I am hoping to show you is how, in addition to just trading at market opens and closes, you can also trade Logical Forex at various times throughout the day or night. Sometimes you just need to be a bit more patient in (1) waiting for the ideal setups and (2) waiting for the trade to complete itself.

Happy Trading!

-Scott

 

Nobody to Play Forex Scalping Games

Tuesday, December 27th, 2011

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 ***

Scalping, Market Structure

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 ***

Scalping, Activity Lines

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.

-Scott

Scalping Forex in the Asian Session

Thursday, October 20th, 2011

 

The other day I was with some friends at a little late evening gathering. One of my friends, actually more of an acquaintance at this point, knew about Logical Forex, and a little bit about forex scalping. Several months ago he had “prowled around” on the web site and this blog of forex trading examples.

When I first told him about Logical Forex, he expressed a strong interest. But… I could see it in his eyes. That interest he told me he had, was quick for me to identify. It was more based in a type of “fantasy”. I’ve seen that “look” so many times. I’ve “heard it” in the support tickets. And, I do understand it!

We all want to have instant success with little effort and work, but that’s not going to happen very often, and certainly not for very many people. That “forex fantasy” is really equivalent to the fantasy of winning the lottery. And, it’s that fantasy that all the marketers use to suck you into those things that promise you riches without “work” or “risk”… or whatever it is. I don’t tell you that that kind of junk. It’s a lie. (Well, like I said… some people do win the lottery. But what are your chances?)

I like to be in control of my decisions… my forex trading… my money. What we do with Logical Forex is NOT any kind of gambling or game playing. We look for patterns. We look for Flow – that price is moving in an orderly flow. And, we look at Decision Points – Logical Forex Magnet Lines – where banks and institutions are almost certainly going to “move the market”. And then… we do what they do and trade with them in the direction of their trade.

Of course, my friend had taken a very quick look at the site those several months ago, but he did remember a few things. A comment he made the other night was…

“I haven’t looked at Logical Forex since my first time. I remember seeing that most of the trade examples you put on the blog tend to be around 1:00 AM or 2:00 AM US/Central time. I’m never awake then. I can’t trade at that time.”

I asked if he had looked at much else on the site, like maybe even more than a couple of examples here, and he said he hadn’t. That’s further “proof” of “looking for fulfillment to a fantasy”. In other words, even though his eyes lit up initially, he wasn’t really willing to put in the effort to actually review the materials I have on the website.

Well, I couldn’t let him suffer, could I? :-)

I asked him what time he got home from work. He said usually around 5:30pm (US/Central). So, I asked him if he could be sitting at his computer from 7pm until 8pm at least a few times per week. He said yes, he could do that most evenings.

You probably can see where I’m going with this, right?

By the way… 7pm-8pm US/Central is 8pm-9pm US/Eastern (New York) or 5pm-6pm US/Pacific (Los Angeles)… and… it’s generally the Asian Market Session Open period… with a bit of room depending on where you are in Asia/Australia. For many people, this is the time they trade, and for others (like US traders getting home from work) it is an optional time to trade. If you’re in Europe, or other parts of the world, then this time period likely won’t be a good match for you… but you have the ideal time slot anyway. ;-)

So, what’s the point? Well, there are several…

If you’re serious about trading… a particularly forex scalping…  there IS a time period when you can trade. It will not be ideal trading conditions (usually) and there won’t be trades every day, no matter what time slot you have to trade. That’s just the way the world works. The market doesn’t owe you anything, nor does it work around your own time schedule or your “need to make 20 pips per day”. But, if you are willing to make yourself available to the market… and take what the market gives you, then you can become a consistently profitable forex scalper and trader. Here’s what you need to do…

Get serious and commit to yourself. REALLY REVIEW THE FOREX CHARTS with the Logical Forex Indicators applied to them. You WILL see regularly repeating patterns. You will need to review charts for a while for these patterns to become ingrained in your brain. That’s how you learned to read, remember? Those letters you are reading now, when you first were trying to read, we just a jumbled mess of lines and curves… and they didn’t have any meaning. Ultimately, you started seeing patterns in the letters, the words, the sentences, the paragraphs… the concepts and applications…. and it’s the same with Logical Forex.

And now… I’m going to help you. In fact, I’m going to show you something very valuable, if you are willing to “dig in” a bit. In a way, I’m going to “cheat for you”. ;-)

For those of you with the Premium Videos… notice in these charts “certain things” that I disclosed to you about markets. I’m not going to give you any more “clues”…. because if you have seriously and with dedication gone through those Logical Forex Premium Videos several times, then you will see a specific “pattern” in these charts. If you don’t see the obvious, then you need to review the Premium Videos again. Now.

And, for those of you who are in our Logical Forex Mentoring Program, you will recognize even more things… depending on which section of the Checklist we are working on with you right now.

And… for everybody else… PAY ATTENTION because what you will see in these charts MAY open your eyes to many things.

Of course, that depends… it depends on if you have a “fantasy perspective” like my friend HAD (notice the past tense). After I showed him these charts (well, actually similar ones… these are from the past 3 trading days… but I showed him charts from almost every single day for the past month, with only a few exceptions). Anyway… he has tossed his fantasy and is NOW willing to work a bit, and actually absorb and apply the things I make available with Logical Forex. In fact, he has gone a step further. He as promised me that he would NOT alter anything. He would trade EUR/USD and EUR/JPY. He would setup his charts like I show in the training materials. He would follow the Checklist. In other words… he will follow the recipe for success, and not the recipe for failed fantasies and time-wasting tweaking.

Ok… so now… review these charts closely. You will see some things that are a bit different than what you might expect. For example, you may notice that the Logical Forex Activity Lines aren’t always “perfect”. Well, that’s part of trading during the Asian Session. After you’ve looked at the charts for a while and established the patterns, yes even patterns with the Activity Lines, it’s clear what to do.

Keep in mind, too, that liquidity is not at its highest during the Asian Session Open, and you may have to allow for larger spreads and more spikes (or jitters as Scott called them in a previous post.) And, yes, make sure you focus on EUR/USD and EUR/JPY particularly during the Asian Open. There are many reasons for that… some of which you will simply not have a clue about (most likely) unless you are in our Mentoring Program.

And remember, do not “look” for a trade. Don’t force it. You need to make yourself available to the market, and take what it gives you. Go with the flow. Literally. Figuratively. Always.

With all of that… review these charts. Remember that you can click on a chart to expand it “full size” in a new browser window (or tab). Just close that window (or tab) and you will return to this page.

Do you see it? Do you see other things in the charts that I might not have marked? Do you see the patterns… the patterns AT the time of scalping AND just  a few minutes before? The charts are speaking to you… screaming at you… listen… watch… feel the flow… scalp like a pro.

Where you see the “green line” is the general area you need to closely review. Pay attention to everything near that line… and a little before and after, too.

Enjoy. You may not have a full appreciation for what I’m showing you here… unless you truly are committed to yourself… to becoming a consistently profitable forex scalper and forex trader.

*** EUR/USD

 

EUR/USD Asian Session #1

 

EUR/USD Asian Session #2

 

EUR/USD Asian Session #3

 

 

*** EUR/JPY

 

EUR/JPY Asian Session #1

 

EUR/JPY Asian Session #2

 

EUR/JPY Asian Session #3

 

So…. what are you going to do with this information? Take action now! And… as always… have fun!

-Greg