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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USD/CAD Channel Up Sets the Scene for a Intraday Reversal

Posted 2 years ago | 7:50 PM | 19 Apr 2011 | Comments

The loonie has been losing ground against the U.S. Dollar as the 0.9522 low seems to have stirred awake USD/CAD bulls. Crude oil has stagnated below 110/bbl and this could be fueling some of the loonie pessimism but the case for bullish greenback cannot be made here and that's why I see a push lower...resuming the overall downtrend.

The Directional Bias of the USD/CAD is still BEARISH therefore positioning my entries at resistance levels or as support fails is a higher percentage entry in my opinion.

The Channel Up pattern on the 240-minute chart is wide and short enough to also have Bear Flag characteristics which means this could be setting up a reversal. Remember that essentially a Channel or Flag is simply parallel trendlines so we're looking for how price action behaves at these levels.

USD/CAD 240-minute chart with Channel Up chart pattern alert courtesy of Autochartist

If prices can trade through the lower uptrend line of the pattern, look for to short this move which is also a trend following entry of the overall downtrend that can be seen on the daily chart.