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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March 2011

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USD/CHF Daily Chart Swing Short Triggered

Posted 01:49 26 March 2011 | Comments

The swissy has bounce considerably higher and into resistance that I have been waiting on. A good friend of mine and I instant message from time to time through Gmail and he's just getting back into trading from a work-related hiatus. He's getting his chops back quickly too. He bought into the rally on the pair and was well ahead of his entry and in trade management mode; trailing his stops he was still leery of where prices could abruptly stall and potentially reverse...and like all of us, no one like to give pips back. So initially his hesitation came as prices stalled around 0.9150.

USD/CHF 30-minute chart with the GRaB plug-in for MT4

At that point I offered my two cents which was to treat the buy as a swing entry and look at the 34EMA Wave support of either the five, 15, or 30-minute time frame.

I preferred the 15 or 30-minute because it offered the pair more wiggle as compared to the five-minute chart. I also added that the rally was heading into resistance between the 20 period SMA and 34 period EMA low on the daily chart and this was a swing short entry. Therefore my recommendation was wait for the pair to travel to 0.9200

Here are my exact messages:

3-26-2011 1-36-42 AM.jpg

and then again a couple hours later...

So here we are as the week's trading wraps up: with an entry short based upon the USD/CHF downtrend correction into the 34EMA Wave and 0.9200 major psychological level.

USD/CHF daily chart with the GRaB plug-in for MT4

I'd like to see the continued flattening out of the 34EMA Wave across the short-term time frames as well a selling pressure at the 0.9200 level. The U.S. Dollar Index also reached the resistance of the 34EMA Wave triggering a swing short of its own and this selling pressure as well as the retreat lowe from 76.50 bodes well for my daily swissy short.

- Raghee aka The Queen

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