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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February 2009

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The Dow Points Lower - Look for USD/JPY Breakdown

Posted 09:56 03 February 2009 | 0

The Dow and USD/JPY are correlated charts. As the Dow weakens the USD/JPY moves lower. It's a sympathetic relationship. So this morning as I see the falling wedge pattern on the Dow, I expect lower lows, especially after yesterday's break of 8,000. The dollar-yen will typically get pulled down in the Dow undertow.

jpy_ym_2009-02-03_1006.png

Let me explain what you're looking in the above chart. First, it's an overlay of the USD/JPY and the Dow Jones futures (mini contract since that's the contract I like to trade). The direction as you can tell is usually sympathtic, that is, they move together. Notice that in the highlighted area the USD/JPY is moving sideways while the Dow moves lower.

The continued weakness in the Dow is partly dependent upon the 10am EST Housing numbers and potential support at 7,900. The continued weakness in the dollar-yen will depend upon how buyers support 89.00. These major psychological numbers will be strong support.

Here are the two chart patterns I'm looking at:

DOW__A_2009-02-03_0928.png

JPY_240_A_2009-02-03_0920.png

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Forex Blog: Chartology

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