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  4. GBP/USD Signal Update Jan. 19, 2012
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GBP/USD Signal Update Jan. 19, 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) for a larger ZigZag correction, we can notice that trend is in the third zigzag inside a falling channel moving below 0.382 Fibonacci level. I suggest a good selling opportunity at this level for the last falling zigzag going from point (D) to point (E) as shown in chart.
Action: Hold Short.
Target Area: Soft target has been achieved and new target is open for now.
Stop Loss: 1.5550 for now.

GBP/USD 1/19/12

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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