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  4. EUR/JPY Signal January 20, 2012
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EUR/JPY Signal January 20, 2012

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: EUR/JPY
Trend Expected Direction: Down
Strategy: Elliott Waves and Fibonacci Trading.
Description: EUR/JPY is in Ending Diagonal progress now and has completed wave D and going into a long lasting wave E. The first Zigzag in the current wave has been completed at 1.618 Fib and going into a minor correction wave X where it might reach 0.236 at 100.465 or 0.382 at price level 102.567 before it resume for another Zigzag in order to complete a double or probably triple Zigzags. The trade may last from a week to 10 days. A follow up will follow on this technical trade.
Action: Sell EUR/JPY
Target Area: Open
Stop Loss: 103.00

EUR/JPY Signal 1/20/12

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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