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  1. DF
  2. Technical Analysis
  3. USD/CAD Signal- December 12, 2011
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USD/CAD Signal- December 12, 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: USD/CAD
Trend Expected Direction: Down
Strategy: Ichimoku Kinko Hyo + Japanese Candles
Description: 52 days Senkou B (Orange) is moving up from the past week which tells a weakness in support level that could breaks anytime. If we look at Tenkan (Blue) just went below Kijun Red which gives a good negative sign for a Bear movement. On the other hand, in term of Japanese Candle Sticks, We can see a strong red candle broke 1.2739 support level. With all the above info, I would short the pair waiting for a bear to take action.
Action: Short
Target Area:Open
Stop Loss:1.03330
Risk: N/A

USD/CAD 12/12/11

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.

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