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.

GBPUSD

I'm watching for a clear break above 1.6251, with first resitence at .6292-.6200. Watching for a clear break down, below .6225, with first resistence at .6200. First TP on a Sell at .6168. First TP on a Buy, .6372.

CHARTS: S/R Levels

S/R Levels: Added a couple new lines and moved 1 or 2 since yesterday. Click on picture to enlarge.

GBPUSD down 100+ pips after break of 1.6168 Support

GBPUSD has made a nice run down after breaking below support at 1.6168.
See S/R Levels on the larger chart posted earlier.

VIDEO: Part 2 of 2 - Review of S/R levels and the GBPJPY

PART 2. Forex Video Review of S/R levels on posted charts, and going over S/R breaks on the GBPJPY. PART 2 OF 2

VIDEO: Part 1 of 2 - Review of S/R levels and the GBPJPY

Forex Video Review of S/R levels on posted charts, and going over S/R breaks on the GBPJPY. PART 1 OF 2

CHART: S/R Levels For Some Of The Major Pairs

Here are some of the charts I watch, of some of the major pairs. S/R levels are in orange.
Click on picture to enlarge.

VIDEO: Review of Friday's GBPUSD Trade

Forex Video chart review of a SELL on the GBPUSD outlined on FXTradePros.com, during Friday's London Session. Also included in the video is an outline on how to better use the blog posts and the information on breaks and Take Profit (TP) levels. There is also some discussion herein, regarding the live webcast room, of which will be free of charge for the first 2-3 months. On it will be reviews of charts, S/R levels and possible trade entry and exits, on serveral major pairs. Webinars will begin between the hours of 08:00-09:00 GMT, with a duration of 3-5 hours, depending on market action. Please indicate your interest in the poll, on the right side of this page. It will better help me to decide on how many webinar guests the webcast room will need to accommodate. Thank you.

RE: GBPUSD

Cable did make a 70 pip move down after breaking below 1.6250. (See prior post)

Have a good weekend everyone.

GBPUSD

I'm watching for a break below 1.6250. I think it could be good for a 50-80 pip short move. Just be aware of the News coming out of NY in a few hours.

UPDATE

Excuse the lack of posts this week. I had to take some personal time to take care of some family obligations. All is fine, but I'm physically and mentally drained. Had to take a few days off from FX. I won't trade, and don't recommend you trade either, unless you are 100% mentally.

Will be back at it on Monday, after a weekend of rest..... New videos, posts, and will probably be opening the live webcast room before the end of the month. I will keep you posted on that.

CAD Employment numbers are coming out in a few hours, and this event usually provides some fireworks, especially on the CADJPY and the EURCAD. Check the calendar at the bottom of the page (click on it and scroll down if need be). We also have USD Trade Balance numbers shortly after the CAD Employment.

Will be away from the computer for most of the day

I will probably post something before tomorrow's Tokyo session. Had some family commitments today. Trade safe.

Moving Stops on GBPJPY and the Cable

If trades were taken on the GBPJPY or the GBPUSD, to stay conservative, I'd move stops to B/E, and the next hour tends to get volatile with some of the European markets opening.

GBPUSD Support at 1.61

A break below 1.61 could make a decent move down, with first support at 1.6020.

GBPJPY Notes going into Tokyo

Yesterday, the GBPJPY stayed in a 70 pip range through most of the Asian Session(154.60 to 155.30). Now it is finding support at 152.70 and 153.15, but that range will probably widen going into Tokyo. Key levels to watch right now is a break below 152.50, and above 153.15, then 153.50.

VIDEO: Review of Price Breaks of S/R and Psyche Levels

Video review of moves made, and how they relate to the method of watching for major S/R breaks and Psyche Level breaks, outlined in yesterday's video.
(If you haven't seen yesterday's video, you might want to watch it first.)

VIDEO: Watching for S/R Breaks and Psyche level Breaks

With the current market conditions, setups are few and far between. Watching for breaks of major S/R or Psyche levels, can provide a reliable back-up method in catching some pips. Video points our some examples on the GBPJPY.

New NFA FIFO (First In First Out) Rule

I'm still trying to figure out this new rule. Basically, if you have multiple orders on one currency pair, the first order in, must be the first to close. In my opinion, it is another bright idea of the new administration to control the way we invest. I'm sure it is also a way to get the automated trading programs, (Trading Robots), under control. Some brokers don't appreciate the success some of them are having.

Combat this issue by using multiple accounts or brokers:

One of the brokers I use, IBFX let's you open multiple accounts. This was to overcome the hedging rules. Another way is to use different brokers. I use 3 brokers now, but mainly trade out of my ACM account. I'll call my Broker at ACM and see what they plan on doing about it. My account is with their Geneva office, so they really don't need to follow NFA Rules. You might also want to look into using a non US broker to maybe get away from the rule.

Here's what IBFX said about it:

To our valued clients,

As you may know, the National Futures Association (NFA), has implemented new First-in, First-out (FIFO) requirements that will be in effect as of July 31, 2009. We at Interbank FX have been working hard on a solution and are confident that our traders will be able to use our MetaTrader 4 platform with little or no interruption. They will also continue to be able to use their MT4 expert advisors.
The NFA is striving to ensure the highest levels of integrity from all market participants and their intermediaries. We want to assure you that Interbank FX strives to be 100% compliant with the NFA.
We are currently working on some informational and instructional videos regarding the FIFO requirements and our solution, however most of you will be able to continue trading without any impact to your platform or strategies. In our effort to provide the best solution for your trading, you will be fully advised prior to any proposed changes.
We thank you for your continued support and wish you the best of luck with your trading.

Best regards,
IBFX

When I hear anything more, I will make write about here.

Have a good weekend everyone.

Will be away from the computer for most of the day

No posts or video until the London Session. Will be away from the computer for the day.

VIDEO: Consolidations Setting Up Going Into Tokyo

Here is a preview going into Tokyo. A couple good examples of consolidations, so wanted to go over them.