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/JPY: A pair in transition

Posted 15:13 15 November 2009 | Comments

The USD/JPY is setting up a a descending triangle on the 240 minute chart as prices have congested within downtrend line resistance and horizontal support. What the set up will be here depends upon the market cycle since there is a horizontal level that could be faded.

This chart was created with Autochartist.

The horizontal support of the triangle pattern can be seen as a breakdown level or a level that can be bought. Knowing which to do depends upon the next chart:

Chart created with MT4 and the Autochartist Chart Pattern plug-in.

Notice the Wave angle on the 240 minute chart, it's in distribution. Because of this look to fade the push lower if it occurs. The bounce is more likely if the Wave angle maintains a "two to four o'clock" angle since a distribution market is not one the is likely to sustain a breakdown through support. However, IF the Wave flattens out to accumulation, play the breakdown through support or a breakout through the downtrend line.