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  4. GBP/USD Signal- January 23, 2012
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GBP/USD Signal- January 23, 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: GBP/USD
Trend Expected Direction: Channel Down
Strategy: Elliott Waves and Fibonacci Trading.
Description: With a falling (Ending Diagonal) wave (C)(D) has ended at almost 81% of wave (B)(C). Extended minor wave bc of a smaller zigzag within (C)(D) was in progress last week ended at 1.55700. Remaining a final wave (D)(E) to fall this week with a larger zigzag where I sat my soft target for the first expected motive wave with a soft target at 1.5400 expected a further drop toward 100% equality of a larger Zigzag that started earlier on November 11 of last year.
Action: Short GBP/USD.
Target Area: 1.5400 Soft Target and (1.51400 final target).
Stop Loss: 1.56500 for now.

GBP/USD 1/23/12

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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