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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Kiwi Wedge Breakout

Posted 18:34 15 July 2011 | Comments

Trending patterns like the NZD/USD's Rising Wedge can be traded one of three ways and it all depends upon the strength of the (up)trend.

The daily NZD/USD has rallied through the uptrend line resistance of the pattern triggering a contnuation breakout entry long.
Chart pattern alert courtesy of Autochartist.

The first way - and this is my preference as well - is to enter a trending market and this of course includes a trending pattern occurring in a trending market phase on a correction. This means a pullback to support in an uptrend and a bounce to resistance in a downtrend.This is swing trading and a trend following strategy.

The second way - and this is a trend-following method too - to enter on a breakout of the existing trend or an acceleration of the existing trend. That's the case in this example of the NZD/USD.

The last is the reversal entry because after-all price action does reverse. I will consider two types of reversals: The PATTERN reversal and the TREND reversal. One can happen without the other. I will gauge the pattern reversal by the pattern - that's obvious right? I will gauge the trend reversal using my 34EMA Wave. Notice that in this example the 34EMA Wave has been decent support - not great - but the angle is up - but not great - so while I am going to follow the trend I will also be wary that this is NOT THE CLEAREST BULLISH PSYCHOLOGY right now.

In fact, look at the Autochartist Initial Trend reading. It's another way to confirm market trends and it is also saying (with just the four-bar reading) that the trend is not strong nor exceptionally clear but the momentum is UP so follow it but stay nimble.

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