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  4. GBP/USD Signal - November 6, 2011
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GBP/USD Signal - November 6, 2011

By Fadi Steitie
Fadi Steitie
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.

By: Fadi Steitie

Currency: GBP/USD
Trend Expected Direction: Down
Strategy: Elliott Waves and Fibonacci Trading
Description: Complex wave B going into three possible directions. 1) fall straight to 0.786 Fib (1.58141 price point), 2) Going up hitting 1.61200 level before it fall down to target, 3) Going up to 1.62100 price point before it fall and hit the target. Wave A completed at 1.5900, and wave B is struggling at 0.618 Fibonacci level at 1.60500 with a drop of the rate of change indicator.
Action: (Hold) Short
Target Area: 1.58150
Stop Loss: 1.52200
Risk: 100% if wave B ends in c expanded flat correction.

Good luck!!

GBP/USD Signal - November 6, 2011

Fadi Steitie
About 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.

 

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