By: Fadi Steitie
Currency: US Dollar
Signal: Hold (Short)
Strategy: Elliott Waves
Description: With a clear picture of divergence in RSI indicator as shown (Shaded Yellow) with a double bottom in the US Dollar. The trend broke the resistance line on September the 9th of last month with a motive wave which now has became a support line. The currency is in its final wave v of larger C. Further drop is expected before a new wave to unfold.
Target: 9.640
Stop Loss: 9.820
USD Signal - October 17, 2011
By Fadi Steitie
Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.