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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Using Fibonacci and the Wave to Set Up the 60 minute USD/JPY

Posted 18:35 06 July 2009 | 0

I've been trading forex much less these past four weeks -- heck, a girl does like to take a vacation! -- and now that I am back, my focus is more on the short term: 15, 30, and 60 minute charts. I also want to mention that I've tried to establish a bunch of posts that explain how I trade and now I'd really like to transition to more updates about my actual set ups...

7-6-2009 7-55-39 PM.gif

With the current direction of the 60 minute chart heading lower and the Asian session trading, the bounce into the 34ema low (bottom of the Wave) has set up a short off the 50% Fibo level. This trade is valid as long as prices stay below the top line of the Wave plus five...so that's currently 95.58 and also just above the 61.8 Fibo.

My downside targets are currently 95.20, 95.05, and 94.80. A word about multiple targets. First I think they are a necessity but I realize not everyone has graduated to trading with multiple lots...and that's fine. Here's what you do:

As the trade moves in your favor, when the first profit target is hit, move your risk-based stop loss to a break even which is the entry plus five pips. If the trade hits the second profit target, use the previous profit target as the trailing stop and so on.

If the trade is sitting between the first profit target and the risk-based stop loss, that's "no man's land" and you basically sit tight...

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Forex Blog: Chartology

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