RE: 130 Pip Move On Yesterday's Trade Call

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

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.

RE: USDJPY Trading in Tight Range

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

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

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!

FOREX: Possible Sell Setting up on GBPJPY for London Session

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

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: 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.