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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Finding the ceiling on the USD/JPY

Posted 10:24 20 September 2010 | Comments

Despite the Bank of Japan (BOJ) intervention, there doesn't seem to be enough bullish sentiment to reverse the downtrend on the daily chart. On the other side of that coin, the bears certainly are not putting the pressure on the USD/JPY in a way that is pushing the the pair back into its former downtrend either. The stall comes from a lack of bullishness in a pair that is still reflecting the fact that there is still strength in the yen itself but the fear that the BOJ could act again and push the USD/JPY through 86.00.

The daily chart's reversal of the Channel Down and subsequent resistance.

The initial area to watch for selling pressure seems to be 86.00 and this may become a near term "line in the sand" for short sellers who are willing to remain bearish as long as support is not established above this major psychological level.

There is an intraday double top that should be watched on the 240-minute chart.

Horizontal resistance along 85.90 and 85.93.

If this level holds, there is a chance that the daily chart will complete a transition into distribution but not necessarily resume the downtrend since it appears that (at least for the near term) there is still some concern - for the yen bulls - that the BOJ could intervene again.

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Check out my friend and new trader, Mark O's blog on trading here. It follows much of my trading approach.