Posts Tagged ‘Magnet Dance’

Forex Scalping Before Work Begins

Thursday, June 28th, 2012

Well, it sure has been a while since I last posted. There have been a lot of things going on in my part of the world. Fortunately, things are settling down somewhat – which gives me some time to post.

I have a lot going on today, and little time to trade. But, I opened my charts before I had to hunker down on some work and saw something worth looking further into.

Take a look…

 

*** EURJPY Market Structure ***

Range

EURJPY MARKET STRUCTURE

 

Price had experienced a rather large move down. More recently, it was trading in a range, edging up very slowly over the last several hours. It had been spending quite a bit of time around the Blue Magnet Lines.

 

*** EURJPY Scalp Enter ***

Magnet Line Dance, Momentum, Breakout

EURJPY SCALP ENTER

 

Price was once again interacting with a Blue Magnet Line.

Let’s take a look at the Indicators…

  • Logical Forex Activity Lines – Starting to widen, as it gets closer to the U.S. open.
  • Logical Forex News Alert – None showing.
  • Logical Forex Flow Lines – Price is coming out of somewhat of a trading range. Most recently, you can see all the stacking yellow – showing Price consolidation. Then, the Flow Lines start to fan out. The Spine is almost fully revealed.
  • Logical Forex Phase –Tracking along nicely with Price.
  • Logical Forex Bias – Pointing up.
  • Logical Forex Magnet Lines – As you can see, Price is dancing with the Magnet Line. There is a very nice dance right on the Magnet Line (my favorite) and then Price accelerates through.
  • Logical Forex Watchdog– It is barking yellow just prior to the trade opportunity. Notice it is solid bright yellow at the time I will pull the trigger.

Time to enter a BUY trade just as Price starts its acceleration through the Magnet Line.

 

*** EURJPY Scalp Exit ***

Acceleration, pull back

EURJPY SCALP EXIT

 

Price climbs steadily, only hesitating briefly shortly after I enter. I choose to ride that out. At the time that Price actually pulls back, I exit with some nice profits. Some braver folks might have held on until Price crossed the Groove at 98.90, but that is definitely more aggressive trading. I choose to be happy with my pips collected and can move on with my day.

***

If you haven’t tried Logical Forex yet, what are you waiting for?

Happy Trading!

-Scott

 

Trading for Insomniacs

Saturday, May 19th, 2012

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 ***

Dance

EURUSD MARKET STRUCTURE

 

Price had been making its way down for quite a while. I wonder whether it will continue.

 

*** EURUSD Scalp Enter ***

Magnet Line, Dance

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 ***

Pull back

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.

 

Happy Trading!

-Scott

 

 

 

Beautiful Magnet Line Dance on the EURUSD

Friday, April 13th, 2012

So, my schedule hasn’t eased up much at all lately. Take a look at this picture-perfect Magnet Line Dance on the EU.

 

*** EURUSD Market Structure ***

Structure

EURUSD MARKET STRUCTURE

 

Notice the very long downward flow to the EU. Something was certainly pushing this currency lower. Would it continue? Who knows.

 

*** EURUSD Scalp Enter ***

Dance

EURUSD SCALP ENTER

 

What do the Indicators tell us?

  • Logical Forex Activity Lines – Box-like or larger. Plenty of liquidity not too far into the NY open.
  • Logical Forex News Alert – Just came out of a news event.
  • Logical Forex Flow Lines – Price is flowing down nicely. The Spine is revealed
  • Logical Forex Phase – Showing some divergence. Not a fan of this.
  • Logical Forex Bias – Pointing downwards.
  • Logical Forex Magnet Lines – Price is approaching a Magnet Line. Watch the spot-on Dance that it does.
  • Logical Forex Watchdog– Barking yellow at near the exact point of entry.

It was clear that Price was struggling with that red Magnet Line. With the divergence, I was concerned. If Price didn’t do it’s Dance exactly on the Magnet Line like it did, I would have passed on this trade. As such, I decide to ‘try’ the trade – just with smaller lot sizes than normal.

As price completes its Dance, then begins to accelerate on the Broker Quote Panel, I hit the SELL button.

 

*** EURUSD Scalp Exit ***

Pull back

EURUSD SCALP EXIT

 

So, what happened?

Price continued to progress further down, only really hesitating once. As Price began to pull it’s way back up, it was time to exit for some profit. I could have held on, but I opted for the low-lying fruit – no-stress style.

 

***

Happy Trading!

-Scott