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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March 2010

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USD/JPY Four Hour Swing Set Up

Posted 05:37 12 March 2010 | 0

I was watching the intraday breakdown on the one hour USD/JPY and noticed two things. First I really didn't have a set up to capitalize on the weakness...on the one hour chart. Second, and this is what turned the light bulb on, price reached the 50% Fibonacci Level support and was testing an intraday double bottom.

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...so I started scanning the other time frames I watch. This is sometimes how a trade set up will occur: A significant move will occur on one time frame that is not necessarily a good trade or even a set up, but there could be an opportunity elsewhere.

The four hour chart had a market cycle I thought would be a good trend following opportunity. The market cycle was moving upwards in a "12 to 2 o'clock" angle and this confirmed the uptrend that I would wait for a correction in. So this is how the one hour chart's move lower got me thinking about where this sell off could be an opportunity.

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The pullback on the four hour USD/JPY has reached my 34EMA Wave. This is the support off which I look for trigger a continuation entry. In this case the correction to the 34 period EMA high at 90.26 is my swing buy trigger.

A few other levels are good to watch and the first would be the 90.00 major psychological level below the entry. The 90.00 level will be support.

Realize also that the same "last major move" on the one hour chart that got my attention in the first place is also the same "last major move" on the four hour chart as well. This is not always the case when it comes to Fibonacci Retracements.

The "last major move" is the most recent, significant, sell-off or rally that I will draw my Fibonacci Retracement level from.

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Forex Blog: Chartology

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