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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Painting a Picture in the USD/JPY

Posted 09:22 25 March 2009 | Comments

I am looking at some recent chart patterns that have developed and/or triggered in the USD/JPY. When the Dow wakes up -- as it has this week -- the dollar-yen gets moving as well. The Dow rally has helped the dollar gain on the yen and the move higher is setting up another test of the 100.00 century level.

3-25-2009 9-25-55 AM.gif

I am looking at the support (forecast region) of the 60 minute channel reversal to become a rallying point for a move higher to what could be a short off the ceiling that is waiting. There is support also visible on the daily chart (below) and the bounce there is slowly approaching the area of resistance that prices were rejected from earlier this month.

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I am looking for another short off the 100.00 level. My entry is likely to be at 99.50 major psychological level since prices have fallen short of the 100.00 before...i will not assume it will make it all the way up there. In fact, another more aggressive entry would be the 99.20 minor psychological level.

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The validity for the trade is based upon the pressure that I am expecting to see as the USD/JPY rallies to the 100.00 ceiling. But it the ceiling is broken, don't argue with it. I am looking at a 100.20 stop loss to account for some wiggle around the "00" but a rally could resume if buyers can establish support, so be aware, keep the stop tight enough the keep from losing more but enough to allow for the back and forth we're likely to see.