FOREX VIDEO: GBPJPY Ranging Going Into Tokyo Market Open

Forex Pairs I'm Watching Going Into London Session

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

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

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

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.

VIDEO: London Open and Review of GBPJPY Post

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

VIDEO: Review of Friday's London Session Sell on GBPJPY

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.

VIDEO: London Session-Watching for range break on the GBPJPY

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)

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.

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

VIDEO: Part 1 of 2 - Review of S/R levels and the GBPJPY

Forex Video Review of S/R levels on posted charts, and going over S/R breaks on the GBPJPY. PART 1 OF 2

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.

EURJPY

EURJPY is trading tight too. Looking for a possible break and hold of 134. Key hurdle looks like 134.10

Summer Holidays and Volume

Long list of news coming out today. JPY unemployment, and GBP-GDP. Check out the news schedule at the bottom of the FXTradePros.com home page. GJ is in a 50 pip range, continuing where it left off on Friday, with nothing really setting up.

Just want to note, Summer is a slower trading period, with less volume. A large portion of the market volume is traded by financial institutions, Bankers. This is the time of year that they take their Holidays. Volume gets thin, and volatility can set in. So be aware. Especially during news time. Sometimes, news is one way, but the market goes the other. Keep a very close watch on open trades. PA is rather unpredictable this time of year.

VIDEO: Chart Review Going Into Tokyo Session

Video review of charts going into Tokyo. Quiet time of the trading day, so not a lot of exciting setups to look at. I will try to get videos posted prior to London and Tokyo sessions, on a more regular basis.

What is setting up that wasn't so clear as I was recording the video, is a Consolidation forming on the Cable and the EURUSD. Consolidations for this time of day are normal, because there are no major markets open. NY closed 2 hours ago, so the volume decreases, and so does the swing in prices, so they start to squeeze. Once Tokyo opens, price needs to move somewhere so, they will break, it is just a matter of "how far." This is the reason I like trading the openings of the major markets. You know the prices will move, and if it is in a tight range or a squeeze, you can expect a break. It is just a matter of "when" and "how far."

There is some news coming out at the beginning of the Tokyo session, primarily Trade Balance numbers, so be aware if you have open trades. Check the calendar at the bottom of the page for the exact times.

Tokyo Session and Review of London

This is a review of a trade from the London Session on the GBPJPY. Then there are a couple different charts reviewed going into Tokyo session.

VIDEO: Chart Review Going Into London Session

This is a Video Review of a couple trades setups in the Tokyo Session, and a review of a couple charts going into the London Trading Session. Even if you missed the trading session, and this may be days or weeks old, the videos found here are mostly review of trade setups and what to look for. It is to help you learn the chart patterns, and to train your vision in what to look for when looking at your charts. It may seem monotonous, but it doesn't hurt to see the same setup over and over again. It is how we all learn. I believe, you can never study Forex enough, no matter the method you use. Even if you are using a auto trading robot, you need to learn the basics to understand the concepts behind the forex trade.

EURJPY setting up the same way as the GBPJPY

133.26 is holding as support and 133.69 is holding as top. a Break on either JPY pairs maybe short lived, or it could carry into London, so if you take a trade, keep stops tight or keep a close eye on the PA. The week is young, don't force anything. 158.50 and 139.69 may keep them contained, as PA has slowed down this hour so far.

GBPJPY Going into European and London Markets

It has come down since Tokyo open and has found a range between 157.67 and 158.50. These were key S/R going into London on Friday. I'm watching for break and hold out of the range, maybe even as soon as a break of support at 158.

Video: Trade Setups, and Q&A From the London Session on Friday June 19, 2009

This is a video review, in 3 parts of Friday's setups, going into London Session, and a further explanation on some Q&A posted on last Friday.

Part 1 of 3 EURJPY and GBPUSD

Part 2 of 3 GBPJPY

Part 3 of 3 Q&A Review