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.