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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June 2010

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The range in the Cable

Posted 12:34 15 June 2010 | Comments

The 15-minute GBP/USD has consolidated into a narrow trading range between resistance at 1.4787 (F) and 1.4772 (B) and support between 1.4729 (A) and 1.4722 (E). This sideways price action is confirmed by the flat moving average line and the 50 reading on the RSI both suggesting there is little to no momentum in this market at this time. Wait for prices to break higher or lower before assuming a follow-through in either direction. Keep in mind that the daily chart of the GBP/USD is still in a strong downtrend and that a bearish sentiment is the overall opinion of the pair. There is also significant intraday resistance at 1.4759 and 1.4809.

Chart date range11-Jun 03:45 GMT-> 14-Jun 21:30 GMT Data Interval15 Minutes

GBP/USD 2 hours

Summary
Target Level 1.470798
Target Period 2 hours
Stop Level 1.4772

Analysis
Head and Shoulders has broken through the support line at 14-Jun 21:30 GMT. Possible bearish price movement forecast for the next 2 hours towards 1.470798

Supporting Indicators
Downward sloping Moving Average

Resistance Levels
(F) 1.4787 Last resistance turning point of Rising Wedge.
(B) 1.4772 Last resistance turning point of Head and Shoulders.

Support Levels
(A) 1.4729 Last support turning point of Head and Shoulders.
(E) 1.4722 Last support turning point of Rising Wedge.