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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EUR/USD: Following the Trend and Trendlines

Posted 06:53 02 December 2009 | Comments

The 60 minute EUR/USD is still holding on to the mark up cycles as prices are finding support at the 34ema high.

The Rising Wedge pattern seen on the chart (above) has its uptrend line coming in at the same level as the 34ema high.

The set ups scenarios are classic trending patterns opportunities:

The "backbone" or "decision level" of an uptrending pattern is the lower uptrend line as it support and there therefore holds the key to either the swing entry continuation buy or the trend reversal short.

The first consideration should be the trend following which means watch for the continuation buy off the 34ema high/uptrend line support. BUT what IF prices pierce this level?

The 23.6 Fibonacci Retracement is usually too shallow a correction for me however it's a level I would be watching for near term support regardless because it is coming in near the minor psychological level of 1.5080.

But I think the reversal would gain momentum lower if prices break the wedge uptrend line as well as the 38.2% Fibo Retracement and the 34ema low. This would means the short would trigger as prices break 1.5060.