Update going into London

Watching for a break of 161.59, with resistance at 161.75,162.00, and maybe for a test of 162.43 on the GBPJPY. To the downside, watching 160.95, with support at 160.61 to the 23.6 Fib.

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Chart Update for London Session

Price squeezes happened earlier, and also made their breaks earlier than usual today. Very important news is out today for the GBP, and Later the USD so check your calendars. GBP news is out in 15 minutes.

Now I'm watching for a break of 160.40 on the GBPJPY, with a close eye on the PA once it reaches the 23.6 Fib area around 160.15. A break below that could make for a nice move down. Looking at a possible buy if it breaks above 160.95, but would keep stops very tight if either a buy or sell is taken.

Also, I like range breaks on the Cable, above 1.6950, and especially below 1.6900.

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Live Webcast/Chat Room Opened Today

The first Live Webcast just ended. I'd like to thank all of you who attended. We had a technical issue and signed off earlier than expected, but I hope to see you again tomorrow. I did sign back on and had someone else join the room, and continued on until I cleared out my sell on the GBJPY.

The GBPJPY made the break below 160.85, down to the 23.6 Fib area, as discussed. The Construction PMI announcement came out on the GBP and pushed the Sterling up, and found resistance at 160.61. The blue box is the area in which I sold and then closed my trade as the price started to push back up after the news.

Thanks for stopping by the room. I will be back there tomorrow. Hope to see you there.

Chart Updates for London Session

Clear consolidation squeezes forming on the GBPJPY and the Cable. Both look as thought they are starting to break down. Cable 1.6717 is a key support for this hour.

EURUSD is in a tight range and making a squeeze, but is already in a very narrow range. EURJPY is consolidating now too, but not as gradual as I'd like to see it.

USDCHF is finding resitance at 1.0722

Economic news has been very bullish for the AUDUSD. May see a pullback before a continuation upward. A break of .8400 could become a key support to watch.

Chart Updates for London Session

1.6585, that is the 0.0 level I have on the Fib for the GBPUSD, that has been holding pretty true all week. You can see the resistance that built up along the 23.6 Fib, and has broken above it in the last hour.

GBPJPY is ranging within .25-.85. Break should happen in this hour or the next. The past few hours of the Asian session has been quiet.

Orange lines are S/R. The Green 155.40 on the GBPJPY has been a pretty strong Support that past couple of weeks. Fibs are in green on Cable.

Update Going into Tokyo

GBPUSD is finding a definate bottom just above the 1.6250 support. I think a break down will find heavy support near 1.6300, and a move up will have room to run, at least up to yesterday's high of 1.6467.

The GBPJPY is following the Cable and making a bottom, following support near 155.40. Same scenario here. The Rise in the USDJPY has kept this from sinking lower. We could see a dramatic fall if the USDJPY takes a tumble downward, especially it the Cable follows suit. Would be a great setup for a a short on the GBPJPY.

VIDEO: Review of the Updated London Charts Going Into London

Reviewing Forex Charts and S/R levels that were posted on the blog, going into London session.

RE: London Update

I had mentioned that some pairs were finding bottoms, by this, I meant that they were bottoming out along support areas, ie. on the GBPJPY, it was at the 61.8 Fib, and has now broken below for almost 50 pips. The AUDUSD broke .8221 for almost 60 pips, and the GBPUSD has broken the 1.6400 area for almost 50. If you have trouble seeing what I'm talking about, feel free to direct questions to the email address at the top of the page. fxtradepros@gmail.com

London Update

EURUSD, GBPJPY, AUDUSD, EURJPY, GBPUSD and USDJPY are all finding bottoms and/or flirting with yesterday's lows. With the USDCHF, it is the highs. Some are making breaks as I type.

EURJPY

The EURJPY is finding resistance at 134.22. Orange trend line has been moved to reflect that. This is another setup I like to watch for, especially if it makes the break on the fourth 1H candle attempt. Orange S/R lines and psyche levels apply.

RE: Video and the EURUSD

The EURUSD did break down, out of the consolidation squeeze, for a 2 pip move down. Now it has moved back up and is finding resistance at 1.4181. S/R levels above a break of 1.4181 are .4200 and .4241. It also could start ranging between .4151 and .4181, then watch for break later in the day as other Asian markets open into Moscow.

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

Updates before Tokyo Session

USDCAD reacted a bit to the trend line area , and has been adjusted to reflect the recent PA.

GBPJPY and USD are consolidating a bit. Cable is finding support at the 38.2 FIB. The green dotted line at 155.40 on the GBPJPY is a S?R line that has been used as a trade setup line a couple times. It is green to for that reason. I'm seeing a break of either the 38.2 Fib or above 1.65 on the Cable, as a possible setup.

All orange S/R lines, on the charts, have been left unchanged.

Click on Chart to Enlarge

UPDATE: Live Webcast Trade Room

Live Trade Room will be coming soon. Below you will see the Webcast widget, where it will give the Scheduled time, and instructions to sign in. There are no downloads. It will all be through your browser. I'll post more updates soon.

USDJPY

USDJPY is moving sideways, in about a 25 pip range. Any moves on the other JPY crosses are all being contained by this. Need the USDJPY to break out of the range to get any decent moves on the other JPY crosses.

GBPJPY going into London

I'm seeing heavy support on the GBPJPY, just above the 153. I think if there is a break below 153, it will carry down to another heavy support level at 152.40. So there would be a possibility to take 50 pips. Next support levels below that are 152 and 1.5138. Cable has already made a move down. Need it to continue into London for move down on GBPJPY to happen. USDJPY will need to also break down.

If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reactions to the orange support lines. Key will be a move above 154.40.

Update Going into Tokyo

Market is all over the place. Sloppy PA (Price Action) going into Tokyo session today. CHF is in a sloppy range, so is the Cable, but it is spread out over 100 pips. EURUSD is in a consolidation, but the PA on the EUR hasn't been decisive as I'd like it to be, so I will just sit back and watch for now.

Yesterday's GBPJPY move was quick and easy. After breaking the 155.40, it made a nice little run down to 154.70. For those of you who decided to gamble, it did carry down 154.30 before it would have taken out any stops set at B/E (Break Even). Funny how it came back and bounced off resistance at 155.40, then the next hour, it bounced off the 155.50 before it dove back down to 153.10. (See the Chart) Being that I live on the West Coast of the US, and I'm awake during London and NY open, I usually sleep through most of NY. I'm still researching the reason for the run down. DOW opened up and traded sideways most of the day, no major news on the USD, so the only thing I can see is oil closed up a bit, but I don't know what oil prices were doing that time of the day.

Check back later, going into London. I will make a post if I see anything developing. Remember, don't force yourself into trades. Don't trade, just to trade. That would be like feeding money into a slot machine, just because it's there. Forex trading isn't entertainment, unless you has so much money that you don't care. Forex is an investment of your hard earned money, and you need to protect it. The difference between the 5% of traders that make money, and the 95% who don't, is that profitable traders have the patience to wait for the high probability trades. It's all about the quality of the trades, not the quantity.

VIDEO: FXTradePros Channel on YouTube

Just wanted to point out that the FXTradePros Channel on YouTube has been updated and organized a bit, to make it easier to access the video archives. The link is in the right column of this page, just below the "Most Recent Video" bar.

RE: GBPJPY

GBPJPY is holding below 155 for now. Being that this is a down time for all the major markets, it will probably range below 155, and move sideways until Wellington and Sydney markets start to trade.

That being said, there really isn't a clear target for this trade, so keep your stop at break even, if you have an appetite for risk. You could also take partial profits now, and move stops to preserve the balance of the trade, or just clear for profit now.

Price is at 155 right now.

RE: GBPJPY

GBPJPY has made the break, and has just past a major psyche level at 155. If you were able to get in, and are up 40-50 pips, move stop to B/E or take profit at will. Right now, my 2 confirmation pairs, the Cable and USDJPY are moving down together. If they reverse, it might be a good time to TP.