Posts Tagged ‘scalping setup’

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

Nice EURUSD Forex Scalp

Wednesday, March 28th, 2012

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 ***

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 ***

Magnet Line

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 ***

Pull Back

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?

Happy Trading!

-Scott

Forex Scalping for Fun

Friday, March 9th, 2012

Today was another EURJPY. This one sure did start my Friday morning off right.

 

*** EURJPY Market Structure ***

Consolidation

EURJPY MARKET STRUCTURE

 

As you can see, Price had been in somewhat of a range for many hours. After coming out of consolidation, it was approaching some decision points – right where the blue Magnet Lines are hovering. Based upon my prior experience, it was clear that something exciting could happen at these levels.

So, I thought I’d zoom in to take a closer look.

 

*** EURJPY Scalp Enter ***

Magnet Lines, Dance, consolidation

EURJPY SCALP ENTER

 

Let’s take a look at the Indicators:

  • Logical Forex Activity Lines – Very, very wide. Plenty of liquidity.
  • Logical Forex News Alert – No news showing. The USD was quite active with news at this time, but not for the EUR or the JPY.
  • Logical Forex Flow Lines – Price is coming out of some tight consolidation, and approaching a Magnet Line. The Flow Lines are opening up nicely. The Spine is just fully revealed.
  • Logical Forex Phase – Tracking along very nicely with Price.
  • Logical Forex Bias – Just tipping upwards.
  • Logical Forex Magnet Lines – Price is approaching the Magnet Line. Given what I saw in the market structure, this has the potential of being a nice trade.
  • Logical Forex Watchdog– Barking solid yellow.

As Price went through the Magnet Line, I had my finger on the BUY button. It hesitated (the Dance) and then started to accelerate on the broker quote panel. That’s when it’s time to click BUY.

 

*** EURJPY Scalp Exit ***

Magnet Line, Pull back

EURJPY SCALP EXIT

 

Price accelerated very rapidly – as is often the case when there are nearby Magnet Lines. As price came closer to the next Magnet Line, I had my finger ready to press the SELL button. Either Price would accelerate through that line, or it would be repelled. In this case, it was repelled, and I hit SELL as soon as I see some pull back.

Now, I could have held on to see if it continued, but I was quite pleased with the pip total and choose not to get greedy.

 

***

 

Forex scalping really is fun – when trading Logical Forex.

Happy Trading!

-Scott