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: "Plan C"

Posted 14:05 16 November 2009 | Comments

If Plan A was to play the soft support bounce in distribution...

If Plan B was to play the breakdown if the market flattened out to accumulation then

Plan C is what to do not that the trend resumed the mark down.

The market cycle as shown by the 34ema Wave is clearly resuming the downtrend as the angle steepens lower back to a "four to six o'clock" angle and this changes...well,, EVERYTHING. In my prior post I laid out my plans for the bounce off the soft support and the potential for a breakdown if the Wave transitioned into a sideways accumulation cycle.

Now that the Wave is in mark down, we're back in trend following mode. Here's the zoomed in look at the entry levels for a swing short:

I pulled a Fibonacci Retracement from the last major move which was a rally to show the downside support levels. There's a good chance that the 88.80 minor psych level to the 161.6 Extensions at 88.47 will be support. I'm looking for a bounce to either the 78.6 Fibo or the bottom line of my Wave (red) to short into AS LONG AS THE WAVE MAINTAINS THE MARK DOWN ANGLE. There you have it: Plan C.