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: Follow up on my last trade signal for GBP/USD, We got into complex triple zigzags with three breaks of support level as shown in chart by red circles. I do expect another zigzag upward toward 0.618 fib level before the last breaks. I am now in a short position waiting for breakout in Pound.
Action: Hold Short.
Target Area: Open
Stop Loss: 1.5600
