FXTradePros Information Center And Forex Live Trading Room

STATUS UPDATE AND HAPPY HOLIDAYS

2010-12-10T23:05:00.003Z

Hello everyone.

I've been working on some other opportunities and have not had the time to devote to posting here on the blog. I intend to get back into it sometime this spring.

I am currently involved with a publicly traded company, as president and director. This has been taking all my focus, but I anticipate that I will have more free time to devote to teaching Forex after the next few months.

I enjoyed helping those that I did. I also learned a lot too. I look forward to starting that up again soon.

I wish Happy Holidays to all of you.

Best Regards,

Chuck

fxtradepros@gmail.com

Remembering a Great One

2010-06-16T11:21:00.002+01:00

Yes, I've been a little out of the "FOREX Loop" for a few weeks.

We found out recently, the beginning of April, that my dad had a large mass in his left lung and it has also spread to his bones throughout his body. He's been in hospice care since, here at home, with me, my brother, and my nephew Henry. He lived through all of WWII serving in the Pacific, after joining the US Navy at the age of 17, the day after Pearl Harbor was attacked. Born and raised in Oklahoma City, he'd never seen the ocean, and always wanted to. He spent most of his time on a Fletcher class destroyer, Stephen Potter (DD-538), and the aircraft carrier, Hancock (CV 19). After the war, he was stationed at Pearl Harbor.

Dad, when we lived in Iran 1976

My mom, Nancy, was born on the island of Kauai, to Korean immigrants. During the war, she was a singer for the USO. Mom met Dad, when she noticed him, sloshed off his butt, while his buddies took advantage of him and his wallet. She watched from the stage, in the nightclub she was singing at, as my Dad's buddies made him buy all the drinks. When her set was over, she went down to my dad's table and told the other guys to get lost, and she ordered Dad some coffee. They married 3 weeks later, just before Dad had to ship out. He worked 14 hour days since then, in places like Iran, Mexico and Saudi Arabia, until he retired in 1989. He smoked 2-3 packs a day for 70 years, had 5 sons, and survived 62 years of marriage to Mom, who is now in an Alzheimer's care facility. God bless her....

Mom and Dad, Sarcheshmeh, Iran 1977

When we told Dad the diagnosis, he looked at the doctor, and with a smile he said, "I've lived a good life."

Everywhere we've lived, they loved our Dad.

Dad passed away, this past May 28th, at about 6:30, here at home. It also happened to be my mom and his 63rd Anniversary. I'm sure he held out so he could make it 63 years. If you knew him, you'd probably think that too.

Thanksgiving 2008, Me, Dad and my kids

I think I was in denial because it was happening so quick. My friend Jaime was in town... offered to stop by, and I thought it would be alright to step out for a bit. I whispered in Dad's ear that I was stepping out, but that I'd be right back. I told him my brothers, Jim and Homer, were going to be on there way up from Vegas, if he wanted to wait, but if he wanted to go, that we'd be alright, and that we'd watch over mom so he didn't need to worry. I gave him a kiss, and said, "I love you, you old fart."

My brother Bob was by his side when he expired shortly thereafter. Again, it is so "Dad" to wait for his baby boy to leave, and to have his eldest son by his side in the end. I'm sure he wanted to shelter me from it. The funny thing too, is that Bob tried to call my cell several times, to let me know, but it never showed on my call list. My phone never rang. Bob tried calling Jaime's phone, but Jaime left it on the charger in the truck, as we grabbed a bite to eat. I'm sure Dad wanted it to work out that way, so I've got no regrets.

Dad will get full military honors, when we have a joint memorial with Mom, back in Hawaii. They will look down on Diamondhead, where they met back in May of 1947. They will be laid to rest, together, at the National Memorial Cemetery of the Pacific at Punchbowl. While Mom is still with us, Dad's ashes will hang out here with us. We know he wouldn't want to return home, to Hawaii, without Mom.

I know this isn't Forex related, but I wanted to let you all know where I've been, and that I hope to be more active in posting and making trade calls, soon.

I thought it appropriate, to pay homage to a great man. I will always be proud of Dad. He's a prime example of why we call them "The Greatest Generation."

Love and miss you Pop, you old fart!

In Remembrance,
James Francis L. 1924-2010

Dad on my daughter's birthday, 2008

RE: 130 Pip Move On Yesterday's Trade Call

2010-04-13T10:32:00.005+01:00

Going into the NY session, the EURJPY did make a break below 127.00, as I suggested we watch for. CLICK HERE to read the trade setup. Price fell to the next support area of 126.50 and rode that out until Tokyo open, where the Yen picked up some momentum and drove the Yen pairs down. This move closed the price gap, formed over the weekend, down to 125.70.

For you newbies, this 130 pip move, equates to a potential +100% profit on the trade. As I've said in the past, "Success is not in the quantity of trades you make, but rather in the quality of trades."

I hope this helped some of you. A video review of the trade is posted below.

EURJPY Consolidating, With Gap to the Short Side

2010-04-12T12:02:00.012+01:00

Again, sorry for the lack of posts, but I'm seeing something setting up that has caught my eye.

The EURJPY is consolidating just above 127.00, with the EURUSD finding support at 1.3585 and the USDJPY at 93.50.

In the past, I've written about using the EURUSD and the USDJPY as indicators for the EURJPY. If the indicators break below their support levels, and the EURJPY breaks below the major pshych level at 127.00, we could see the EURJPY make a break down and try to close that gap down to 125.70. That would be a nice 100+ pip move. This next hour or two, going into the NY open is key.

Not Forex Related...............

2010-02-24T12:32:00.001Z

I've added the link below to the sidebar on the right side of this page. My two greyhounds passed a few years ago, but I think of them everyday. They were amazing, and really changed my life. I was a volunteer with a rescue and adoption group in Las Vegas a few years ago, before I moved here to Reno. It is a cause that is near and dear to my heart.

If you're interested, I'd appreciate it if you'd take a look at their site, by CLICKING HERE.

Enough Said.

Thank you.

RE: USDJPY Trading in Tight Range

2010-02-24T10:39:00.006Z

The GBPJPY broke it's range for a 50+ pip move down, and the EURJPY made a 40 pip move down after it broke below 122.00. Yes, I know these pairs have potential to move more, but I wasn't expecting a big move. That's why I said I'd be happy for a quick 40-50 pip move, which would test yesterday's lows. Remember not to get greedy. A 40% profit margin on a trade lasting no more than an hour, isn't a bad day's work.

You've got to grab those pips when you can!

Once the USDJPY broke below 90.15, it's move down made the EURJPY and the GBPJPY move 40 and 50 pips, for it smaller move of 19 pips. I liked how the USDJPY was stacking up along the 90.15 support, showing pressure on the sell side.

I hope some of you could see how I recognized that set up, and were able to grab a few pips.

USDJPY Trading in Tight Range

2010-02-24T06:54:00.005Z

Looking of the Yen crosses to make a break out of the tight range they've been trading in for the past few hours. Watch for range breaks on EURJPY and the GBPJPY, particularly to the downside. Remember to watch the USDJPY as an indicator. I'd be happy to grab 40-50 pips on a quick move.

RE: GBPJPY Closed Trade with 75 pips Profit

2010-02-04T11:03:00.000Z

Cable is not cooperating, thought the UJ made a nice move below the daily pivot, and the GBPJPY reaching previous support at 143.50. A break below that could see another 50pips. I'm perfectly happy with 75 pips profit.

I'm on Pacific time, US, and have not been keeping London Banker's hours. I'm going to call it a day. If it could hold below 143.75, I would have liked to hold half my position, going into GBP news in 2 hours, with a tight stop at news time, to see if the Sterling is going to remain bearish.

75% return in a couple hours isn't bad. I'll take it!

If I see any trades setting up tomorrow, I will post them here.

Take care, and trade safe!

RE: GBPJPY

2010-02-04T09:22:00.004Z

90.80 is holding for now as resistance on the USDJPY. GBPUSD broke support at 1.5885 and looks like it wants to carry a bit more. If the USDJPY can maintain resistance and the GBPJPY can break support at 144 and hold, we should see it continue to make a nice little move down, with support at 143.50 and 143.00. Key support to watch on the GBPUSD is 1.5850. 35 pip move down already on the GBPJPY, setting my stop to B/E.

For more frequent updates on this trade, CLICK HERE to go to the ForexFactory thread where I post under the name, "FXDad".

FOREX: Possible Sell Setting up on GBPJPY for London Session

2010-02-04T06:09:00.000Z

Long time since I made a post. It's been a little hectic with other things I have going on. Anyhow, I just looked at the charts and I see nice supports setting up on the USDJPY, GBPUSD and the GBPJPY. If the yellow support lines weaken and price falls on the GBPUSD and the USDJPY, there will be a nice sell opportunity on the GBPJPY.

Hope the New Year has been good to you so far!

Cheers!

Status Update

2009-12-16T10:27:00.005Z

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

2009-10-29T23:10:00.002Z

Forex Pairs I'm Watching Going Into London Session

2009-10-16T06:14:00.004+01:00

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

2009-10-09T10:13:00.007+01:00

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

2009-09-30T01:22:00.002+01:00

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

2009-09-30T00:47:00.003+01:00

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

2009-09-30T00:03:00.003+01:00

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

2009-09-29T23:37:00.003+01:00

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

2009-09-28T22:57:00.004+01:00

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

2009-09-09T23:38:00.006+01:00

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

2009-08-25T05:17:00.001+01:00

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

Chart Update Going Into Tokyo

2009-08-21T00:14:00.003+01:00

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

2009-08-19T01:34:00.002+01:00

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

2009-08-19T00:29:00.003+01:00

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

2009-08-19T00:05:00.003+01:00

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

2009-08-17T23:26:00.003+01:00

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)

2009-08-16T21:27:00.001+01:00

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

2009-08-14T05:39:00.003+01:00

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

2009-08-14T00:27:00.003+01:00

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

2009-08-13T11:57:00.003+01:00

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

2009-08-12T08:37:00.004+01:00

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

2009-08-12T07:15:00.005+01:00

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

2009-08-12T03:37:00.001+01:00

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

2009-08-12T00:46:00.001+01:00

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

2009-08-12T00:35:00.003+01:00

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

2009-08-10T15:16:00.003+01:00

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

2009-08-10T09:18:00.004+01:00

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

2009-08-10T06:03:00.004+01:00

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

2009-08-07T03:57:00.005+01:00

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

2009-08-06T05:53:00.004+01:00

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

2009-08-05T09:04:00.004+01:00

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

2009-08-04T10:21:00.004+01:00

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

2009-08-03T06:15:00.003+01:00

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

2009-07-31T06:32:00.001+01:00

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

2009-07-30T00:32:00.001+01:00

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

2009-07-29T14:01:00.002+01:00

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

RE: London Update

2009-07-29T07:34:00.004+01:00

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

2009-07-29T07:12:00.007+01:00

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

2009-07-29T02:24:00.003+01:00

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

2009-07-29T01:49:00.005+01:00

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

2009-07-29T00:08:00.004+01:00

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

2009-07-28T08:12:00.005+01:00

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

2009-07-28T07:18:00.003+01:00

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

2009-07-27T22:53:00.003+01:00

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

2009-07-27T09:51:00.005+01:00

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

2009-07-27T03:54:00.003+01:00

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

2009-07-24T05:41:00.004+01:00

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

2009-07-24T01:50:00.003+01:00

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

2009-07-23T14:28:00.004+01:00

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

2009-07-23T08:09:00.004+01:00

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

2009-07-23T01:50:00.006+01:00

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

2009-07-22T15:52:00.001+01:00

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

2009-07-22T08:48:00.002+01:00

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

GBPJPY going into London

2009-07-22T07:19:00.006+01:00

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

2009-07-21T23:24:00.004+01:00

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

2009-07-21T13:14:00.004+01:00

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

2009-07-21T04:39:00.004+01:00

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

2009-07-21T02:02:00.004+01:00

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

2009-07-20T23:41:00.004+01:00

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

2009-07-20T22:02:00.001+01:00

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

2009-07-20T02:46:00.004+01:00

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

2009-07-17T12:49:00.000+01:00

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

2009-07-17T06:41:00.001+01:00

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

2009-07-17T06:21:00.001+01:00

Charts at 06:22 GMT.

Tokyo Session

2009-07-16T23:41:00.003+01:00

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

2009-07-16T00:50:00.003+01:00

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

2009-07-15T05:47:00.001+01:00

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

2009-07-15T01:27:00.002+01:00

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

2009-07-15T00:03:00.002+01:00

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

2009-07-14T06:57:00.003+01:00

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

GBPUSD

2009-07-14T06:45:00.003+01:00

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

2009-07-14T00:27:00.002+01:00

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

2009-07-13T11:08:00.004+01:00

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

2009-07-13T10:42:00.002+01:00

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

2009-07-13T10:37:00.003+01:00

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

2009-07-13T06:37:00.005+01:00

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

2009-07-13T00:01:00.002+01:00

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

2009-07-10T13:10:00.003+01:00

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

Have a good weekend everyone.

GBPUSD

2009-07-10T10:25:00.004+01:00

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

2009-07-10T06:15:00.004+01:00

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

2009-07-09T07:30:00.003+01:00

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

Moving Stops on GBPJPY and the Cable

2009-07-08T06:52:00.004+01:00

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

2009-07-08T00:01:00.002+01:00

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

GBPJPY Notes going into Tokyo

2009-07-07T23:44:00.003+01:00

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

2009-07-07T08:43:00.004+01:00

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

2009-07-06T11:03:00.004+01:00

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

2009-07-03T10:32:00.003+01:00

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

2009-07-01T22:33:00.002+01:00

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

VIDEO: Consolidations Setting Up Going Into Tokyo

2009-07-01T00:15:00.004+01:00

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

Tokyo Session

2009-06-30T23:06:00.001+01:00

Everything accross the board is consolidating, going into Tokyo. It looks too good to be true, and probably is. If I were to chose one, it would be the Cable, just because it has room to retrace, and/or the sharp decline could continue.

Not going to make a Tokyo video today. Don't have time. So trade safe everyone, and we'll see how London shapes up. Will probably post a video then.