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  4. USD/CHF Signal- December 8, 2011
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USD/CHF Signal- December 8, 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/CHF
Trend Expected Direction: Choppy
Strategy: Elliott Waves and Fibonacci Trading.
Description: I do see an ending Diagonal as of wave five in USDCHF which
is a bit choppy and risky trade. Trend is now in wave (c) heading
toward 0.93308. I expect a drop to wave (d) at 0.91780 before it
commence to final wave (e) targeting 2.618 Fibonacci level or at
0.93920. Trading in such a situation with a conflict in economic news
is not recommended. Therefore, I would suggest to watch trend closing
at 0.93920 before I do a short selling. We will notice a drop in
Relative Strength Index (RSI) once trend land on wave V (e). I will
make a follow up sometime next week on a Short strategy. Best of Luck
on your trade.
Action: Stay aside or short once currency reaches 0.93920
Target Area: 0.93920
Stop Loss: 0.9100
Risk: 100%

USD/CHF Signal 12/8/11

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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