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.

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.

Charts Going Into European Trading Sessions

Charts at 06:22 GMT.

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

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

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.

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.

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.