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: 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.

RE: Forex Chart GBPJPY

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

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

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

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

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