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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Will the EUR/USD Double Top Reverse the Longer-Term Intraday Trend?

Posted 19:20 01 March 2011 | Comments

The EUR/USD has traveled to the upper limits of the current range as the euro continues to benefit from hawkish expectations of a future rate hike. The strong data out of Europe has propelled the euro past the sinking dollar and pushed prices to 1.3854 and a second consecutive session of a rally to the 1.3850 major psychological level. There is a double top on the daily chart at the recent highs at 1.3861 and 1.3856.

There is also a double top that can be seen on the intraday time frames. The 240-minute chart however is the most interesting at the moment since the trend is still up on this time frame as opposed to the downtrends on the 15 and 30-minute charts and the sideways congestion of the 60-minute.

Chart pattern alert courtesy of Autochartist

The 240-minute chart has formed a Rising Wedge which is no surprise since the trend as of the February 14 bounce from 1.3426 has been up. The break of the uptrend line support of the pattern indicates a near-term weakness which could be partially the daily chart double top creating selling pressure on the pair as prices could not attract buyers above 1.3800.

The question is now whether the 240-minute move lower is merely a correction or a reversal. The pattern breakdown could be seen as an aggressive reversal entry however the area between 20 period simple moving average and 34 period exponential moving average could offer a cushion of buying support. This area overlaps with the Forecast area (shaded gray) on the chart which is between 1.3719 and 1.3650.

- Raghee aka Queen Cleopiptra

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