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  4. AUD/JPY Signal February 21, 2012
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AUD/JPY Signal February 21, 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: AUD/JPY
Trend Expected Direction: Down for correction.
Method: Elliott Waves and Fibonacci Trading.
Description: Major trend for AUD/JPY is going into a probably a simple correction due to the double zigzag in wave (I)&(II), or probably into a more complex wave. Although this cycle is a bit risky, but as a speculator, We can benefit from the slow momentum by shorting the pair. The end of wave v in (III) ended with expansion flat which I will consider wave (A) of (IV). Without getting into much technical details here using Elliott waves count, I would follow the drop and watch the progress. Best of Luck!!
Action: Short pair.
Target Area: 83.000
Stop Loss: 86.500

AUD/JPY 2/21/12

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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