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.

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.

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!

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.

No Longer Posting to Forex Factory

Unfortunately, I will not be posting to the Forex Factory Thread any longer. Without warning, they revoked my membership. I'm sorry, I did not read the rules. Honestly, who does? I had the blog address in the signature area of my posts. I got the idea from the "No Brainer Trades" thread, and have seen it on a multitude of other posts. No Brainer Trades by the way, has a great website, with good information too. After reading the FFactory Rule #3, I agree that I broke the rule. Sorry I did not read it. I noticed that BillyRayValentine, on No Brainer Trades, no longer has the link below his name either, but why is he still on there and I got revoked? The first page of the No Brainer Trades thread is full of links, and some to his website. Maybe because his is a much busier thread, and they don't want to make his army of readers angry?

This blog does not ask for money. I never tried to sell products or services in any of my posts. I've only mentioned the free trade room. I do not currently use this blog to recruit new clients to my Managed Forex Account business. I do have some Google ads and banner ads on it, but most websites do. No Brainer Trades' site does too. I'm not trying to pick on him. Only using him as an example. His info is great and his site has a lot of great information (nobrainertrades.com). I'm just angered at the double standard that is being employed by Forex Factory.

Forex Factory is a great site. I urge you to use it, as there are many great traders there, and it is a great forum for serious traders. I will continue to visit there, and use the News Calendar. Only from now on, I will only be posting to the blog here. Sorry for any inconvenience. I appreciate those of you who read my posts. Thank you.

VIDEO: London Open and Review of GBPJPY Post

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

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.

GBPJPY Going into Tokyo

The 155.40 level of the GBPJPY has been flirted with a few times, in the past few hours. Watch for a clear break below it for a scalp or short term intraday trade. I think the Sterling may lose a little steam as it comes down from the new monthly high on the Cable at 1.6555.

A break to the upside on the GBPJPY, may see a quick move back to 156.50.

Chart Update

Here's a look at our charts, after today's NY session close. Check back later for more updates.
Click on charts to enlarge.