Status Update

Hello Everyone,

Sorry I have been MIA. I've received a few emails from some of you, regarding the status of the Blog and Trade Room. I have been busy with some other projects, and have not had sufficient time to devote to Forex Trading as of late. I apologize.

I intend to get back in the swing of things here soon. In the meantime, if you have any questions or comments, please feel free to email me at fxtradepros@gmail.com. It will be good to hear from you. Hope you all are doing well.

I wish you all Happy Holidays!

Best Regards,

Charles

FOREX VIDEO: GBPJPY Ranging Going Into Tokyo Market Open

Forex Pairs I'm Watching Going Into London Session

Sorry posts have been slow coming as of late. I've been busy with some other projects outside of Forex. Watch for trade room to be open again next week.

GBPJPY Asian session high is at 148.75. Hoping for a break above that for a further move up. Breaks in key S/R levels are moving in 100 pip increments. A fall below Asia's breach of 148 could see a nice move back down to 147.

Cable took a nice bounce off of 1.64. Watching for a break above that, or depending on PA, a bounce off of that could provide a good move on a short. In this event, I'd keep a tight stop just above 1.64.

EURJPY is forming a nice looking squeeze, as outlined in blue. Any breaks played will need to watch the S/R levels on either side.

Have a good weekend everyone!

Live Forex Trade Room - Today's London Session

The Live Forex Trade Room has been quiet this week, but tonight was a good night. A couple of us made some pips, and the company was good as usual. (The red arrows on the charts indicate where we took trades while in the room.) The Room has become a social outlet for us lonely traders. As most of you have probably experienced, Forex trading can be lonely. Especially if you trade in the wee hours of the morning, like I do. It is 2:16 AM my time, while it is 10:16 AM in London. Tonight, there was only 4 of us, but we've all know one another for several month now, so in between Forex moves, we chat, and it keeps the mind sane. At least, it does for me anyway. John from Eastern Australia was in, along with Brian from UK and Glen from Alberta, Canada. Diversity in the room is not lacking, even when the Live Trade Room is not full.

So, stop in and hang out when you get a chance. It's not all hardcore trading. Well, it is when the market dictates, but for the most part, we all enjoy the company of other traders, to make our sessions a bit more enjoyable.

The Live Forex Trade Room hours are listed above. They are not set in stone, but those are the general hours we are in. Email is at the top of the page, if you have any question or comments.

Have a good weekend everyone.

RE: GBPJPY

It did make a break up, and is finding some stiff resistance at 144.35. If it can break that level, it has room to run to 145, and maybe 145.23.

FOREX VIDEO: September 30, 2009 Tokyo Session Preview and Trade Review

Forex Trading Video Review of yesterday's post, regarding squeeze formations on the GBPJPY and the EURJPY, heading into the Tokyo Session. The break on the GBPJPY was more definitive and moved for 100 pips. Also, there is a preview of the GBPJPY, going into today's Tokyo session, and a comparative of the GBPJPY and EURJPY.

RE: Forex Chart GBPJPY

It's making an early break to the upside. I'd rather see it break downward, and closer to Tokyo open in an hour, when moves are usually more decisive. .95 and .00 are holding as resistance, so I've adjusted the squeeze.

Forex Chart Preview for Tokyo Session

Yesterday's squeeze on the GBPJPY and the EURJPY made nice moves yesterday, so I'm looking at another squeeze today, forming on the GBPJPY. A consolidation is forming, where the range is getting tighter(squeezed)into a smaller range. Watch for a break at, or near Tokyo open. These breaks are usually good for 20-40 pips, sometimes more.

Watch for resistance at 143.95, and 144.35. Support is at 143.57 and 143.00. It looks like it wants to range between 144 and 142, so I think a break to the downside would provide a better move.

Chart Preview Going Into Tokyo Session

Hello everyone. Sorry I've been absent from posting as of late. I've been busy with some other business and personal matters and have not had the proper time to devote to posting.

Getting to today's charts, I see squeezes forming on the GBPJPY and the EURJPY. The USDJPY has closed the small gap that formed at yesterday's opening, so that should be a non-factor.

As for the trade room, it should be open for today's London session. We usually have or regular 10-12 traders in there, but there is still room for a total of 20. If you'd like to join us, please feel free. Information about the room, and the link is near the top of this page.

Also, if you are a new trader, or are wanting to learn more about trading without indicators, using only PA and support/resistance levels, please feel free to email me. I'm happy to help when and where I can. (email is at the top of the page)

Updated Charts Going into the Asian Forex Trading Session

Typical ranging and consolidations are forming, as we head into the Asian/Tokyo trading sessions. What is noticeable is the S/R levels (yellow lines) are being followed, but not respected as PA is breaking out of the S/R lines, then recovering back inside the ranges. This is sloppy PA (price action) in my opinion, making range break and consolidation break trades, more risky than I would like. If you are a range trader, playing bounces off the top and bottom levels, this is more your market right now. Looking at my 8 pairs, I see nothing that I would consider trading on a breakout. If things change, I will post something.

Videos have been difficult to make as PA has not been following it's usual routine in respect to major market opening times. This is especially true during the Tokyo and London opens. I haven't been posting any videos because I like to try and make videos showing setups as they are forming. Setups have been forming quickly and and breaking early so catching them in a video, has been difficult. I'd rather not make videos after the fact. It's too easy to talk about moves that already happened. I only make follow-up videos, after moves have occurred, that were outlined in a previous "set-up" video or blog post. I feel it is more productive this way for anyone learning to trade forex. I'll post a video as soon as market times and PA cooperate.

FOREX VIDEO: Chart Preview as we head into London Session

Forex Chart Preview as we go into London Session. Live Trade Room will be open.

Chart Update Going Into Tokyo

Going into Tokyo, price has consolidated across the board. Key S/R levels to watch are:

GBPUSD 1.6500

GBPJPY 155.50

EURUSD 1.4265

The trendline on the GBPJPY has been hit 3 times, and A break to the upside could see the trendline broken for a move up toward 156.00 and then 156.50.

RE: GBPJPY and Trade Management

This is a review of the Forex trade taken on the GBPJPY during the Tokyo session, of which the trade setup was posted in an earlier video. Video covers Consolidation squeezes, and breakouts of Support/Resistance, and trade management.

RE: GBPJPY and EURJPY

For those of you who used the Forex Trade Setup posted in the Video, keep in mind that Tokyo opens in less about 25 minutes. P/A could continue up, or it could even reverse. Keep this in mind when managing the trade. If you are in profit, try and keep some of it, if it reverses, or try to B/E (breakeven), at the least.

FOREX VIDEO: Chart Updates and Trade Setups for Tokyo Session

Video of Forex trade setups to watch for is posted below. P/A has made an initial break, but S/Rs did not hold as support. Studying P/A is what we do most in the live trade room, so those of you who would like to learn more about the study of P/A (price action), please join us in the live trade room later, going into the EUR Trading Session.

FOREX VIDEO: Chart Updates and Trade Setups for Tokyo Session

Forex Trading and Chart preview of the Tokyo Session. Trade setups with S/R levels are outlined in the video below. Trade Room will be open later going into the London Session.

RE: Live Trade Room Update (See posting from Friday)

While we were in the room, I saw a formation I liked on the GBPJPY, as I saw some selling pressure building, and support at 157.25. We watched P/A (price action), as the sellers continued to pound 157.30 to 157.25. As it was getting late (for me) we closed the room, but I continued to watch the P/A as I really thought it would make a great move with the selling pressure I was seeing. It did finally make small break, then another break a few hours later. I hope those in the room, were able keep an eye on the P/A, and anticipate the second break.

See the Featured Video above of a review on how I monitored and managed the move.

Live Trade Room Update

I won't be able to be in the trade room until 09:00am London time, which is an hour into the session.

What I'd be watching would be an approach of 1.6550 on the Cable, and a possible break down to 1.6500.

I also would like to see a break to the downside on the EURUSD. You can see the downward pressure, that has been exerted on the daily and weekly pivot areas through the NY and Asian session to this point, down around 1.4260. 1.4241 could provide some stubborn support, but a break below that would target 1.4200.

A break below 135.50 on the EURJPY, could see a 30 pip move to support at 135.20, then 135.00.

These setups are what I see now, but it is still a bit early. They could break up, in which case, the Trade Plan would obviously be altered. For now, pressure sees to be to the downside.

For those of you have had some time in the Forex Live Trade Room, you know what type of PA to watch for. Please use caution on any trades, and your keep stops tight.

Forex Chart Update for Tokyo Session

Consolidations are forming across the board, EURUSD, USDCHF, Cable, AUDUSD, but with nothing considerable, as far as what I see, as a clear, high probability trade. I'll keep an eye on PA if there is a break below 1.6550 on the Cable, for a fall down to 1.6500, but will not force a trade.

Don't take a trade, just to trade. Remember, Forex Trading is addictive, just as gambling, betting the horses, or putting money on football game. Only discipline, proper money management, and emotion free trading will make money in the long run, in trading the Forex Market.

See a video review of our London session, of the live trade room, below.

FOREX VIDEO: Review of the London Session Live Trade Room

We had another fun session in the Forex Live Trading Room. Here is a video review of trades covered during the session.

See more FXTradePros.com Videos on our YouTube Channel

RE: GBPJPY Sell

Hope those of you who took the trade have taken profit when the PA slowed down around .25. Don't let this come back on you and wipe out your profits. Very important news in an hour if you want to risk holding for a possible move. If you stay in, set stops to protect some profit. In the least, set to B/E. Overall move to this point has been 75 pips. I'm out with 60 pips.

Trade Room Closed Today for London Session

Sorry to report the the Forex Live Trade Room will be closed today. I'm not feeling well, and would rather have a clear head, as I conduct the room, and make any trades. We will be back tomorrow, same time.

Sorry for any inconvenience.

Video has been posted of what transpired during the Live Trade room session last night, for those who missed it.

Am thinking of a short on the GBPJPY right now at 157.20 with a very tight stop, just in case it takes a bounce off of 157.00. May wait for a break of 157, depending on PA.

Also might short the USDCAD if it breaks below 1.0990.

Trade entry also depends on PA.

Trade Safe!

RE: GBPJPY

GBPJPY did make the break out of range, and broke below 158.00, and is now bouncing off prior support at 147.45. If you did take a sell, move stops to B/E or better. As warned in the earlier post, the move wasn't that big but there was room to take near 50 pips. When you see price resisting a S/R level, you should always think about taking partial profits or just closing out the trade all together, to conserve profits.

FOREX VIDEO: August 12 2009 Tokyo Review of Trades in Live Trade Room

Review of Forex Trades and Charts, taken from London market's Live Trade Room Session. Also a preview of setups to to watch for going into Tokyo Forex Trading Session.

Forex Update Going Into Tokyo

Looking at range breaks on GBPJPY and the EURJPY.

GBPJPY is trying to break .35 but watch resistance at .50.

EURJPY is pushing .97.

Don't expect big moves, watch PA and take profit when you can!

Video is uploading on what we did in the live trade room during London Session.

FOREX VIDEO: Squeeze Breaks of Consolidations and S/R

Forex Chart and Forex Trading overview of Consolidation Squeeze Breaks, and Support and Resistance (S/R) Squeeze Breaks. These forex setups have not been consistent through the summer trading months, as they had through the Spring. Today, before the London Session, these formations occurred and all made decent breaks of 30-150 pips.

These were outlined in prior posts, along with the charts. Please see below for reference.

Consolidation Breaks and S/R Squeeze Breaks

Before adjusting my Forex Trading parameters, as PA (price action) changed entering the summer trading sessions, Consolidation Squeeze Breaks, and S/R Squeeze Breaks were my "bread and butter" trades. As summer trading began, squeezes weren't developing, as they had been, and if they did form, it was either at the wrong time, or they just did not make decisive breaks as they normally did. (By the "wrong time" I meant that they weren't setting up during the optimum time I like to trade these setups, which is near the opening of the Tokyo session, and the London sessions.) So I have not been trading these setups since the end of June, unless they break out of a squeeze at a major S/R level. For this reason, I did not take any trades on today's squeeze breaks, but they did set up nicely, so I thought I would point them out, as they may start returning to their normal patterns again, with summer coming to a close.

Why did I not trade these setups today? There are a few reasons:

1. The week is just starting, and after the hype of the NFP move on Friday, I just wanted to watch and see how the market was settling in to start the week.

2. The breaks occurred an hour earlier than I like for these setups to break. I usually like them to break during the hour before, or during the first hour of the London session.

3. Since June, trading Consolidation Squeeze Breaks, and S/R Squeeze Breaks, have not been a part of my trade plan. I will play a break if it is setting up near a major S/R line. This is why, in the prior post, I said that I was watching for a break of 1.6717 on the Cable for a BUY entry, because it would have been a break out of a squeeze, and a break of a major S/R level.

I will follow up with a video review of these breaks, to further elaborate on the "How" and "Whys" of these trade setups.

If you have any questions about this post, or any other posts and videos, please feel free to email me at fxtradepros@gmail.com. General questions on Forex Trading from new traders, are always welcome.

Forex Update Going Into London

Asian Session has been quiet to start the week. After the big NFP move on Friday, I was expecting some gaps to form at the opening. Instead, everything has been trading tightly.

GBPJPY is consolidating just under 162.50.

EURJPY is making a small break out of Consolidation around 138.15

Cable is forming a squeeze along a prior S/R at 1.6717. Will be watching for a break to the upside for a possible BUY in the next hour, going into London open.

USDJPY is being squeezed down on the support of 97.50.

EURUSD has squeezed up against 1.4210.

AUDUSD is finding resistance at .8400.

USDCAD is forming solid bottom end support at 1.0810.

USDCHF is attempting to break below 1.08.

Live trade room will be open tomorrow at 06:30am London time.

Forex Live Trade Room Update

The Forex Live Trade Room has started it's trial run this week. Things are going well. The DimDim software has been easy to run, some glitches on my end, but they will get ironed out. Access is simple for guests as DimDim requires no download, as it is accessed through your browser. I've used other chat services with other Live Rooms, and I did not like the downloads or the functionality of those rooms at all. I think DimDim will be a great tool for us.

I want to thank those of you who have participated in the room thus far. I had a problem with the sign-in widget, and it looked as if I wasn't opening the room yesterday, but I did. It took some time for it to catch on that the room was live. If the blue widget, posted at the top of the blog, says "LIVE," you can go directly to the room by clicking where indicated above the widget.

The format of the Live Trade Room is very basic. Room guests will be able to see my charts, as I discuss S/R levels to watch for entries, trends, Fibonacci levels, and discuss PA (Price Action) live, as it reacts to market conditions. We will review News Data Releases, and take Q&A as we monitor the market. The room starts 1.5 hours before the London open and will continue until PA slows, or relevant moves are complete.

Last night, we had the opportunity to have another professional trader form Switzerland, Martin, join us in the room. His trading style is incredibly similar to mine, and I had a really great time discussing Forex, and comparing notes on our methods. He too uses S/R lines and watches for breaks, and keeps his trades intraday, and efficient as possible. He has a great trading plan and I appreciate his very disciplined style of trading. I know it made a more interesting evening in the room, and I really want to thank him for stopping in.

A video has been posted above, in the Featured Video area, and to our FXTradePros YouTube Channel. I just wanted to go over how to access the trade room, and also reviewed a couple trades I took while the room was Live.

Please feel free to utilize the room, just come be a voyeur, or participate. It is up to you. Remember, the room goes live soon, so come join us. Trade Safe!

Update going into London

Watching for a break of 161.59, with resistance at 161.75,162.00, and maybe for a test of 162.43 on the GBPJPY. To the downside, watching 160.95, with support at 160.61 to the 23.6 Fib.

Don't forget that the live trade room opens in 30 minutes.

To Enter, Click Here

Chart Update for London Session

Price squeezes happened earlier, and also made their breaks earlier than usual today. Very important news is out today for the GBP, and Later the USD so check your calendars. GBP news is out in 15 minutes.

Now I'm watching for a break of 160.40 on the GBPJPY, with a close eye on the PA once it reaches the 23.6 Fib area around 160.15. A break below that could make for a nice move down. Looking at a possible buy if it breaks above 160.95, but would keep stops very tight if either a buy or sell is taken.

Also, I like range breaks on the Cable, above 1.6950, and especially below 1.6900.

(Live trade room is now open, Tuesday thru Friday at 06:30am London and 01:30am NY)

Live Webcast/Chat Room Opened Today

The first Live Webcast just ended. I'd like to thank all of you who attended. We had a technical issue and signed off earlier than expected, but I hope to see you again tomorrow. I did sign back on and had someone else join the room, and continued on until I cleared out my sell on the GBJPY.

The GBPJPY made the break below 160.85, down to the 23.6 Fib area, as discussed. The Construction PMI announcement came out on the GBP and pushed the Sterling up, and found resistance at 160.61. The blue box is the area in which I sold and then closed my trade as the price started to push back up after the news.

Thanks for stopping by the room. I will be back there tomorrow. Hope to see you there.

Chart Updates for London Session

Clear consolidation squeezes forming on the GBPJPY and the Cable. Both look as thought they are starting to break down. Cable 1.6717 is a key support for this hour.

EURUSD is in a tight range and making a squeeze, but is already in a very narrow range. EURJPY is consolidating now too, but not as gradual as I'd like to see it.

USDCHF is finding resitance at 1.0722

Economic news has been very bullish for the AUDUSD. May see a pullback before a continuation upward. A break of .8400 could become a key support to watch.

Chart Updates for London Session

1.6585, that is the 0.0 level I have on the Fib for the GBPUSD, that has been holding pretty true all week. You can see the resistance that built up along the 23.6 Fib, and has broken above it in the last hour.

GBPJPY is ranging within .25-.85. Break should happen in this hour or the next. The past few hours of the Asian session has been quiet.

Orange lines are S/R. The Green 155.40 on the GBPJPY has been a pretty strong Support that past couple of weeks. Fibs are in green on Cable.

Update Going into Tokyo

GBPUSD is finding a definate bottom just above the 1.6250 support. I think a break down will find heavy support near 1.6300, and a move up will have room to run, at least up to yesterday's high of 1.6467.

The GBPJPY is following the Cable and making a bottom, following support near 155.40. Same scenario here. The Rise in the USDJPY has kept this from sinking lower. We could see a dramatic fall if the USDJPY takes a tumble downward, especially it the Cable follows suit. Would be a great setup for a a short on the GBPJPY.

VIDEO: Review of the Updated London Charts Going Into London

Reviewing Forex Charts and S/R levels that were posted on the blog, going into London session.

RE: London Update

I had mentioned that some pairs were finding bottoms, by this, I meant that they were bottoming out along support areas, ie. on the GBPJPY, it was at the 61.8 Fib, and has now broken below for almost 50 pips. The AUDUSD broke .8221 for almost 60 pips, and the GBPUSD has broken the 1.6400 area for almost 50. If you have trouble seeing what I'm talking about, feel free to direct questions to the email address at the top of the page. fxtradepros@gmail.com

London Update

EURUSD, GBPJPY, AUDUSD, EURJPY, GBPUSD and USDJPY are all finding bottoms and/or flirting with yesterday's lows. With the USDCHF, it is the highs. Some are making breaks as I type.

EURJPY

The EURJPY is finding resistance at 134.22. Orange trend line has been moved to reflect that. This is another setup I like to watch for, especially if it makes the break on the fourth 1H candle attempt. Orange S/R lines and psyche levels apply.

RE: Video and the EURUSD

The EURUSD did break down, out of the consolidation squeeze, for a 2 pip move down. Now it has moved back up and is finding resistance at 1.4181. S/R levels above a break of 1.4181 are .4200 and .4241. It also could start ranging between .4151 and .4181, then watch for break later in the day as other Asian markets open into Moscow.

VIDEO: Tokyo Preview and Information on Live Trade Room Launch

See Video in the FEATURED VIDEO window above.

Preview of Forex charts going into the Tokyo session. Review of upcoming Live Trade Room, which has a tentative launch date of Tuesday, August, 3, 2009 at 06:30 GMT, going into the London Trading Session.
Updated Charts

Q&A

Please direct any questions or comments to the email address at the top of the page. I'm happy to take Forex related questions and will post the questions and answers to the blog.

Thanks Again,

Charles

No Longer Posting to Forex Factory

Unfortunately, I will not be posting to the Forex Factory Thread any longer. Without warning, they revoked my membership. I'm sorry, I did not read the rules. Honestly, who does? I had the blog address in the signature area of my posts. I got the idea from the "No Brainer Trades" thread, and have seen it on a multitude of other posts. No Brainer Trades by the way, has a great website, with good information too. After reading the FFactory Rule #3, I agree that I broke the rule. Sorry I did not read it. I noticed that BillyRayValentine, on No Brainer Trades, no longer has the link below his name either, but why is he still on there and I got revoked? The first page of the No Brainer Trades thread is full of links, and some to his website. Maybe because his is a much busier thread, and they don't want to make his army of readers angry?

This blog does not ask for money. I never tried to sell products or services in any of my posts. I've only mentioned the free trade room. I do not currently use this blog to recruit new clients to my Managed Forex Account business. I do have some Google ads and banner ads on it, but most websites do. No Brainer Trades' site does too. I'm not trying to pick on him. Only using him as an example. His info is great and his site has a lot of great information (nobrainertrades.com). I'm just angered at the double standard that is being employed by Forex Factory.

Forex Factory is a great site. I urge you to use it, as there are many great traders there, and it is a great forum for serious traders. I will continue to visit there, and use the News Calendar. Only from now on, I will only be posting to the blog here. Sorry for any inconvenience. I appreciate those of you who read my posts. Thank you.

Updates before Tokyo Session

USDCAD reacted a bit to the trend line area , and has been adjusted to reflect the recent PA.

GBPJPY and USD are consolidating a bit. Cable is finding support at the 38.2 FIB. The green dotted line at 155.40 on the GBPJPY is a S?R line that has been used as a trade setup line a couple times. It is green to for that reason. I'm seeing a break of either the 38.2 Fib or above 1.65 on the Cable, as a possible setup.

All orange S/R lines, on the charts, have been left unchanged.

Click on Chart to Enlarge

UPDATE: Live Webcast Trade Room

Live Trade Room will be coming soon. Below you will see the Webcast widget, where it will give the Scheduled time, and instructions to sign in. There are no downloads. It will all be through your browser. I'll post more updates soon.

USDJPY

USDJPY is moving sideways, in about a 25 pip range. Any moves on the other JPY crosses are all being contained by this. Need the USDJPY to break out of the range to get any decent moves on the other JPY crosses.

VIDEO: Looking at Support Breaks During Tokyo Session

Outline of how to see and chart possible support breaks in Forex Trading. These are normally a short term Forex Trade Signals that develop quickly.



Repost: In this video, we take a humorous look at emotions in Forex trading. The live trade room is also discussed, along with Forex trade signals, and Managed Forex accounts.

GBPJPY and EURJPY Tokyo Session

The GBPJPY and the EURJPY are both forming clear support levels, over the past few hours. Watch for breaks below. After the breaks, watch for support at the orange resistance lines, and/or the green Fibs

VIDEO: Example of Emotions in Trading

In this video, we take a humorous look at emotions in Forex trading. The live trade room is also discussed, along with Forex trade signals, and Managed Forex accounts.

Don't forget to sign up for the live trade room above.

GBPJPY

After breaking above the short term range going into London, of 155.50, it is stalling a bit to the decline in the JPY. If 155.50 doesn't hold, watch for a break below 155, which is also the 23.6 Fib from yesterday's low. Target the 38.2 Fib and the 50.0 Fib.

Chart Update Going Into Tokyo

EURJPY has made a break above the 133 after a squeeze down, against 132,85 (Daily Pivot), and has hit first resistance line at 133.26. EURUSD and the AUDUSD have also made similar moves.

GBPJPY is consolidating a bit. USDJPY has tightened up to a 30 pip range from a 60 range over the past 48 hours.

Check back for more updates later in the day.

Click on Charts to enlarge.

VIDEO: NY Preview and GBPJPY Trade From London Open

Review of London Forex Trade Signal(setup). Also summarized S/R levels on currency pairs that are ranging, EURUSD, USDCHF, USDCAD.

VIDEO: London Open and Review of GBPJPY Post

Video review of posted Forex trade setup on the GBPJPY going into the London session.

GBPJPY going into London

I'm seeing heavy support on the GBPJPY, just above the 153. I think if there is a break below 153, it will carry down to another heavy support level at 152.40. So there would be a possibility to take 50 pips. Next support levels below that are 152 and 1.5138. Cable has already made a move down. Need it to continue into London for move down on GBPJPY to happen. USDJPY will need to also break down.

If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reactions to the orange support lines. Key will be a move above 154.40.

Update Going into Tokyo

Market is all over the place. Sloppy PA (Price Action) going into Tokyo session today. CHF is in a sloppy range, so is the Cable, but it is spread out over 100 pips. EURUSD is in a consolidation, but the PA on the EUR hasn't been decisive as I'd like it to be, so I will just sit back and watch for now.

Yesterday's GBPJPY move was quick and easy. After breaking the 155.40, it made a nice little run down to 154.70. For those of you who decided to gamble, it did carry down 154.30 before it would have taken out any stops set at B/E (Break Even). Funny how it came back and bounced off resistance at 155.40, then the next hour, it bounced off the 155.50 before it dove back down to 153.10. (See the Chart) Being that I live on the West Coast of the US, and I'm awake during London and NY open, I usually sleep through most of NY. I'm still researching the reason for the run down. DOW opened up and traded sideways most of the day, no major news on the USD, so the only thing I can see is oil closed up a bit, but I don't know what oil prices were doing that time of the day.

Check back later, going into London. I will make a post if I see anything developing. Remember, don't force yourself into trades. Don't trade, just to trade. That would be like feeding money into a slot machine, just because it's there. Forex trading isn't entertainment, unless you has so much money that you don't care. Forex is an investment of your hard earned money, and you need to protect it. The difference between the 5% of traders that make money, and the 95% who don't, is that profitable traders have the patience to wait for the high probability trades. It's all about the quality of the trades, not the quantity.

VIDEO: FXTradePros Channel on YouTube

Just wanted to point out that the FXTradePros Channel on YouTube has been updated and organized a bit, to make it easier to access the video archives. The link is in the right column of this page, just below the "Most Recent Video" bar.

RE: GBPJPY

GBPJPY is holding below 155 for now. Being that this is a down time for all the major markets, it will probably range below 155, and move sideways until Wellington and Sydney markets start to trade.

That being said, there really isn't a clear target for this trade, so keep your stop at break even, if you have an appetite for risk. You could also take partial profits now, and move stops to preserve the balance of the trade, or just clear for profit now.

Price is at 155 right now.

RE: GBPJPY

GBPJPY has made the break, and has just past a major psyche level at 155. If you were able to get in, and are up 40-50 pips, move stop to B/E or take profit at will. Right now, my 2 confirmation pairs, the Cable and USDJPY are moving down together. If they reverse, it might be a good time to TP.

GBPJPY Going into Tokyo

The 155.40 level of the GBPJPY has been flirted with a few times, in the past few hours. Watch for a clear break below it for a scalp or short term intraday trade. I think the Sterling may lose a little steam as it comes down from the new monthly high on the Cable at 1.6555.

A break to the upside on the GBPJPY, may see a quick move back to 156.50.

Chart Update

Here's a look at our charts, after today's NY session close. Check back later for more updates.
Click on charts to enlarge.

VIDEO: Review of Friday's London Session Sell on GBPJPY

Forex trade video review, from Friday's London Session. Trade was a sell on the GBPJPY. The video reviews why the trade was taken and why and how "Take Profit" levels were established using Fibonacci Retracement levels, and prior S/R (support and resistance) levels. Discussed are the importance of following your trade plan, and also the importance of taking profit when the opportunity presents itself.

RE: GBPJPY Sell

News out of NY is sounding a little negative on equities as we go into the open. If market opens down, risk aversion could kick in and we could go on a good run down. Watch the Cable and the USDJPY as an indicator. If they start going up in sync, then try and clear some profit if you want. In the least, it may be a good time to move stops to B/E.

VIDEO: London Session-Watching for range break on the GBPJPY

Wanted to post a quick video before the weekend rolls in. I'm seeing a possible setup for a break below 153 for a sell, outline the reasons why, and look at fibs for a possible first target. (Not on the video is that the 50.0 Fib is at 151.15)

Charts Going Into European Trading Sessions

Charts at 06:22 GMT.

Tokyo Session

Nothing really shaping up trade wise, going inot the Tokyo session. We'll see how London Shapes up.

VIDEO: Reveiw of London Consolidation Breaks July 15, 2009

Forex Video Review of charts that were posted regarding 3 consolidation formations, heading into London session. This video is a review of the post, and how the breaks out of consolidation, reacted to S/R levels, on ether side of the consolidation. The break on the EURJPY was a textbook example of a clean consolidation break, and ran up 330 pips.

London Charts With Some Consolidations

I'm gonna be a little tied up, so I just wanted to post what is shaping up going into London. Consolidations forming, marked by the blue flags. Once they break, watch the reactions with the orange S/R lines and any major psyche levels.

VIDEO: July 15, 2009 Tokyo London Trade and Consolidation in NY

Forex Video Review of a trade taken on GBPUSD during the London Session, with the reasons why I entered, and why I exited when I did. Also, pointed out a consolidation on the GBPJPY, that broke up for 100 pips, at the close of NY.

Swiss Forex Broker Dukascopy Has Temorarily Lowered It's Minimum Deposit

Reknown Swiss Broker, Dukascopy, has lowered it's minimum Deposit requirement, temporarily, in conjunction with the release of a new EA. Dukascopy normally requires a minimum $50,000 opening deposit, but for a limited time, is allowing a minimum $10,000, opening deposit. Yes, U.S. citizens are allowed to open an account there. Dukascopy has institutional rates, so if you trade an account that is over $10,000, you might want to take advantage of this while you can. I think you must have a license number from purchasing the EA, in order to do so. If you are saving 1-4 pips a trade, on standard 100:1 lots, you can recover the cost of the EA rather quickly. The EA seems to have a good track record, with real money, not back testing.

Honestly, I already have an institutional account with ACM Geneva, so I'm fine where I'm at. Though the EA looks promising, I will remain on my own.

Check out this link: Click Here To Read More About The EA And The Dukascopy Offer

GBPJPY

Watching for a break above 151.63, with first resistance at 152.