I was presented with a nice scalp trade right before 9:00 AM Eastern Time.
Take a look at what I saw, and ask yourself if you would have taken this trade.
*** EURUSD Market Structure ***
Price was making its’ way down – and was just approaching a Magnet Line.
Time to zoom in for a closer look.
*** EURUSD Scalp Enter ***
So, what do the Indicators tell us?
- Logical Forex Activity Lines – Box-like. Plenty of liquidity.
- Logical Forex News Alert – News occurred about 30 minutes earlier.
- Logical Forex Flow Lines – Price is flowing down. Price is not as smooth as I would like to see. Notice how it is a bit jittery. Definitely worth keeping an eye on this.
- Logical Forex Phase – Tracking along nicely 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 downwards.
- Logical Forex Magnet Lines – Price is approaching a Magnet Line.
- Logical Forex Watchdog– Barking yellow.
Price went through the Magnet Line with little fanfare. As it went through again, it went through rather forcefully and this was clearly appreciated on the broker quote panel.
Time to enter a SELL trade.
*** EURUSD Scalp Exit ***
Price made its way down rather nicely over a period of a few minutes, with very little hesitation. Once Price started to pull back a bit, I decided to exit the trade.
If you haven’t already realized it, a lot of trades are very similar with the Logical Forex Scalping System. Isn’t consistency nice?