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.