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 Swing Entry Set Up

Posted 4 years ago | 3:15 PM | 27 Oct 2009 | Comments

Playing trends is popular but tricky because in order to SWING buy into a trend you must identify:

the trend itself and how strong it is and...
where the correction(s) are.

Now I stress SWING because swing buys are taken within an overall uptrend like the one currently seen on the EUR/USD daily chart. While the intraday charts may be heading lower, the daily chart trend is still up and correcting. For me, the different between a correction and reversal in a trend has to do with my 34ema Wave.

Here's the view of the daily EUR/USD in what I call the market memory, which is one year for the daily time frame.

The view may be overwhelming in the amount of data at first but remember that this view has a very particular job: Identify the trend using the angle of the Wave and identify the last major move for any applicable Fibonacci retracements.

So let's take a look at what I found:

The EUR/USD intraday weakness has fed right into the Wave and Fibonacci support of the daily. There is also psychological level support between the 1.4800 to 1.4750 major psychological levels.

Here's yet another view of the Channel Up pattern on this chart: