Status Update

Hello Everyone,

Sorry I have been MIA. I've received a few emails from some of you, regarding the status of the Blog and Trade Room. I have been busy with some other projects, and have not had sufficient time to devote to Forex Trading as of late. I apologize.

I intend to get back in the swing of things here soon. In the meantime, if you have any questions or comments, please feel free to email me at fxtradepros@gmail.com. It will be good to hear from you. Hope you all are doing well.

I wish you all Happy Holidays!

Best Regards,

Charles

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.