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.