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

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.

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

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.

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.

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.