Chart Update Going Into Tokyo

EURJPY has made a break above the 133 after a squeeze down, against 132,85 (Daily Pivot), and has hit first resistance line at 133.26. EURUSD and the AUDUSD have also made similar moves.

GBPJPY is consolidating a bit. USDJPY has tightened up to a 30 pip range from a 60 range over the past 48 hours.

Check back for more updates later in the day.

Click on Charts to enlarge.

VIDEO: NY Preview and GBPJPY Trade From London Open

Review of London Forex Trade Signal(setup). Also summarized S/R levels on currency pairs that are ranging, EURUSD, USDCHF, USDCAD.

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.

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.

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.

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.

RE: GBPJPY Sell

News out of NY is sounding a little negative on equities as we go into the open. If market opens down, risk aversion could kick in and we could go on a good run down. Watch the Cable and the USDJPY as an indicator. If they start going up in sync, then try and clear some profit if you want. In the least, it may be a good time to move stops to B/E.

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)

Charts Going Into European Trading Sessions

Charts at 06:22 GMT.

VIDEO: Reveiw of London Consolidation Breaks July 15, 2009

Forex Video Review of charts that were posted regarding 3 consolidation formations, heading into London session. This video is a review of the post, and how the breaks out of consolidation, reacted to S/R levels, on ether side of the consolidation. The break on the EURJPY was a textbook example of a clean consolidation break, and ran up 330 pips.

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.