Chartology
Inside technicals and chart patterns by Raghee Horner, trader and author at Raghee.com
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Here’s some of Tuesday’s Chart Pattern Trading webinar…Enjoy! There will be some more video lessons/commentary posted this week.
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Both these set ups are sideways market patterns so they must occur in either the accumulation or distribution market cycles.
The rectangle pattern in the USD/JPY has an interesting option to playing a breakout. Instead — because of the current market cycle and the width of the pattern — you can short the resistance and buy support.
The USD/CAD has a more classic breakout/breakdown set up with the symmetrical triangle.
The 1.0000 level will be one to watch as this is an important psychological level. The breakdown will require that this level be broken.
Both these pairs have excellent secondary confirmation from markets other than the U.S. Dollar Index futures. Check out the video.
Knowing when hot zones will occur and trading during this time is a balancing act.
Chartist trade the price action but never forget the psychological impact of data.
Here’s a video about how to walk the tightrope. Click here to watch it.
Be sure to tune into the Autochartist webinar each Tuesday at 11am EST right here at FXStreet.
It’s all about the JOBS this Friday morning. This is the 1st piece of significant data this year and should be an interesting release as all traders have probably not quite made it back to the office.
The USD/JPY has been weak on the daily chart but it’s the short term charts that are typically your best chance to enter pre-release.
The goal to is have an entry trigger before the data is released, like in this 8:15am EST alert from Autochartist.
What’s the impact on the dollar-canada from record crude prices?
With the continued dollar weakness and crude oil strength look for shorting opportunities on the USD/CAD. Stay tuned for updates on that.
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