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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August 2010

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Is the short-term Cable ready to exhaust?

Posted 06:19 17 August 2010 | Comments

There's strong confirmation that the 15-minute GBP/USD has put in a top as price action has created a ceiling along the highs of 1.5701 and 1.5692. The 15-minute chart is currently in a distribution market cycle which makes the exhaustion fade off this ceiling an agressive way to short sell the weakness - if confirmed by an overbought Stochastics.

(FYI: I like to use a smoother, slower 21, 1, 3 setting on my Stochastics)

Chart date range 12-Aug 22:45 GMT-> 17-Aug 05:45 GMT
Data Interval 15 Minutes

The challenge for trade is trade follow-through. The expectation for the Cable to simply sell-off sharply from here would be in contrast to the uptrend that is still in place on the daily chart despite the recent correction.

While the support around 1.5640 is a tempting downside target, keep an eye for 1.5659 tp offer near-term support. Additionally the 60-minute chart (which is in a very shallow uptrend) has a swing buy and 34 period EMA high support at 1.5658.

Analysis
Rising Wedge identified at 17-Aug 01:15 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.5701 within the next 3 hours.

Supporting Indicators
Upward sloping Moving Average

Resistance Levels
(D) 1.5701 Last resistance turning point of Rising Wedge.
(B) 1.56921 Last resistance turning point of Channel Up.

Support Levels
(A) 1.56595 Last support turning point of Channel Up.
(C) 1.56363 Last support turning point of Rising Wedge.

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