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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February 2009

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What's the next set up for the EUR/USD downtrend?

Posted 13:31 11 February 2009 | 0

As the daily EUR/USD continues to bounce lower off the 34EMA low (bottom line of the Wave) the U.S. Dollar Index has found its way higher above the psychological 86.00 level. The shift of psychology for dollar strength is significantly improved by trading above the "00". However it should noted that there is intraday resistance at 86.20.

In the meanwhile the EUR/USD has not found enough support to rally above the 1.3000 level and while there is no lower low on the daily chart, there are congestion set ups that can be found on the shorter term intraday charts. These shorter term charts are also perhaps a better, lower risk alternative for traders. A one hour chart inherently will have less risk than a daily chart set up. It's a function of how much a single one hour candle will travel compared to the 24 hour candle of the daily!

The sideways market cycle makes for a perfect environment for consolidation and congestion patters.

eur 240 2-11-2009 1-34-32 PM.png

The chart pattern that has developed is a triangle pattern that is currently sitting on the support of the uptrend line.

eur_60_atch_2009-02-11_1329.png

While the overall trend (daily) is down in the fiber, the 60 minute inatrday time frame has transitioned to a sideways market cycle and offers traders a lower risk and second change entry to capitalize on the EUR/USD weakness and dollar's rally above 86.00.

You can download the GRaB plug in for MT4 here.
Patterns alerts supplied by Autochartist chart pattern recognition software.

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Forex Blog: Chartology

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