About Chartology

With "Chartology", you'll be sitting in the front row as I discuss price action analysis, market cycles, chart pattern setups, optimal trading time and volatility analysis, as well as the psychology behind price action. Put these tools together and you're looking at how to begin mastering the charts. In fact, be sure to watch the "Your Forex Questions Answered" video here.

Every day, occasionally more often, I'll additionally discuss order entry, U.S. Dollar Index, crude oil, gold, and the Dow. Forex trading allows and requires a viewpoint that goes beyond simply analyzing the pairs. I'll explain in detail how I scan for trades — I call it "triage" — how I set up trades proactively, and how I manage entries and risk. Trading isn't all that diffcult but the process of finding your tools and approach and trusting them is. So here's your front row in my trading office, thanks for reading, let's get going!

Who is Queen Cleopiptra?

Raghee Horner is a private trader, founder of EZ2Trade Software, entrepreneur, and author. She has been trading forex, as well as futures and stocks for almost twenty years. She is a regular contributor at a number of sites including FXStreet, Trading Markets, Autochartist, eSignal and a featured speaker at the Forex and Traders Expos. Her commentary and analysis is seen daily by thousands of traders at her personal blog ragheehorner.com. She has written articles for Technical Analysis of Stocks and Commodities, Currency Trader, Your Trading Edge, and Traders Journal magazine.

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A look at the U.S. Dollar and EUR/USD to Start 2010

Posted 12:41 04 January 2010 | Comments

I was laying low for most of December, (as I see no point in unraveling a pretty decent year with too much year-end trading) but I was staying fairly active with my short term five minute set ups (which I have outlined in detailed perviously) and find myself ready to grab 2010 and see what it offers.

Everything I do in forex starts with my opinion of the U.S. Dollar. Here's a look at my forex BFF, the U.S. Dollar Index:

There are a couple things that pop out to me on this chart. First is the 200 period SMA on the daily which is a big ceiling looking over the dollar's rally. The market cycle is still up so pull backs are buying ops as long as that is still the case. The sideways movement through December is not anything that really concerns me since that price action in many ways reflects probably the lowest opinion and conviction of the year.

Let's look at the EUR/USD next since that's where the rubber meets the road for us forex traders.

The cycle is a mark down on the daily with 200 period SMA support waiting at 1.4228. I am waiting on a pop to the 34ema low (currently at 1.4508) for a short trigger.

Even though I am looking at the end of day charts doesn't mean that's where my trading attention is at...intraday the EUR/USD is in a mark up cycle across the 15, 30, and 60 minute time frames and I'm watching the top near the 1.4450 psychological level to form a ceiling and send prices down for a correction which I will buy into as each time frame closes in on the 34ema high. As to which time frame to trade? Here's the criteria I use. The market cycle has to justify the entry long so that means a 10-12 o'clock Wave angle. Right now that's nearly eliminated the 15 minute as a possibility. The time frame itself will present differing risk levels since the "point of validity" is the 34ema low. Be sure to factor that inot your decision. Finally, if I can get a secondary support confirmation like a psych level or Fibo level, all the better.

Happy New Year to you all. I look forward to what 2010 will bring us!

- the Queen ;)