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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NZD/USD Breakout and the Gold Rally

Posted 21:16 23 April 2010 | Comments

The 240-minute NZD/USD broke higher through resistance at 0.7138 - the price at which a breakout buy was triggered on the Triangle pattern's downtrend line. Currently, the pattern has an Initial Trend reading of three bars, which is ideal for this non-trending consolidation pattern (a three-bar reading points to an accumulation cycle, which is a narrow ranging, non-trending market). The move higher has maintained support above the pattern's top line, and this bodes well for continuation higher to the Forecast area between 0.7173 and 0.7215; another factor that could play into upside follow-through is the activity on the Gold market, because the NZD/USD is a commodity currency that often tracks with precious metals.

The Triangle pattern on Gold's 240-minute chart rallied higher through 1,145 and triggered a breakout buy, with prices today moving sharply higher. The rally does lend more bullishness to the NZD/USD breakout, and could be the extra push needed to carry it towards 0.7173. Gold, however, will hit a resistance level as prices push to 1,162, which could cause the NZD/USD to stall within the Forecast area as traders wait to see if Gold establishes an intraday double top.