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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Dueling Patterns on the EUR/USD

Posted 14:08 02 February 2009 | Comments

Two patterns have emerged on the daily chart of the EUR/USD. The qualifier here will be the eventual market cycle that settles in this week. That means as I look at the down channel and the rectangle patterns, I will need to confirm the down channel with a down trend and the rectangle with a distribution cycle.

The down channel is the pattern that is the better pairing with the current market cycle.

The reason for this confirmation is the four to six o'clock angle on the Wave.

eur daily 2-2-2009 2-15-55 PM.gif

With today's U.S. Dollar Index weakness, the fiber has enjoyed a bounce and it's a bounce at this stage in the cycle that could usher in a cycle shift. In this case the most likely scenario is a transition into the distribution cycle. A distribution cycle is simply a sideways market that is more volatile than -- for example -- a narrow sideways channel. In fact, distribution could be consider a wide sideways channel. If a transition completes, and therefore levels out the downtrend, the rectangle pattern (below) would be front and center.