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?

Chartology Author

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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October 2009

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All eyes on the Dow and Dollar...but watch the EUR/USD

Posted 14:31 01 October 2009 | 4

10-1-2009 2-11-38 PM.gif

Correlations are my thing...and when it comes to playing the EUR/USD the Dow and the U.S. Dollar play a big part. Today's Dow sell-off has taken prices to some key levels, namely the 34ema Wave support on the daily. The Dollar has not been able to take out the 73.33 resistance and this should create a floor on the Dow.

With that in mind the pullback on the EUR/USD (above) has found support within the Wave and specifically the 50% Fibo level. The U.S. Dollar ceiling -- if it holds -- should allow the EUR/USD to bounce from 1.4516 which is just north of the key 1.4500 psychological level.

Prices did break the uptrend line support of the channel up pattern on this chart but since the 34ema high is just below it, the two combined create more of a buying zone. IF there was more room between the uptrend line and the 34ema high there could have been an opportunity to play the gap between the two. But with today's EUR/USD weakness there were much better and lower risk shorting opportunities across shorter term intraday charts like the 30 minute. (below)

10-1-2009 2-43-49 PM.gif

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Comments (4)

Queen Cleo- you sure got my attention--- wish i'd read this when it came out nine days ago!
rockandroll | Posted 22:16 10 October 2009
Maybe the FOMC minutes will breathe some life into the dollar. The NY session should be an interesting one. What are your thoughts? And I thought Obama winning the Nobel would solve the USD's woes. Ok, that was a joke, for those of you wondering. :) The Dollar was down versus most majors as global reserves shifting away from the Dollar and demand for higher yielding assets kept dragging it lower. NASDAQ closed almost flat with 0.04% and Dow Jones declined by 0.15% , Crude rose by 1.2% to a 7 week high closing at 74.89$ a barrel as global demand is expected to rise. Gold (XAU) gained by 0.71% closing at $1063.9 an ounce on the weaker Dollar. Today, Retail Sales are expected weaker with -2% versus 2.7% prior. FOMC's Meeting Minutes will be released, providing insights into the economic conditions. Federal Budget Balance will be released and is expected better with -77.3B versus -111.4B prior. EUR/USD Resistance 1.49 1.4955 Support 1.479 1.476 1.4735
AlextheGr8 | Posted 05:40 14 October 2009
Look at this chart form broker ACM http://files.ac-markets.com/Newsletter/2009-10-20/AlertChart20Oct09_0906.png The euro is unstoppable today and it's clear it will get to 1.5 very soon!!!! Get your platforms ready traders!!! Regards
foreXmarket09 | Posted 15:09 20 October 2009
I take a different view from you guys. I believe EUR will be giving ground to USD and we will be seeing downtrends at 1.4829, 1.4762 and possibly 1.4695. The reasons in my opinion is possible end of EW Wave 5 on yesterday's high and with the sign of today's hanging man candle. As usual time would tell. Cheers
mich | Posted 18:57 22 October 2009

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Forex Blog: Chartology

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