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  4. EUR/USD Signal February 20, 2012
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EUR/USD Signal February 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/USD
Trend Expected Direction: Up within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: In a larger Zigzag within a falling channel, wave A, and complex B completed at 1.29733. Now wave C start progressing heading toward the black trend line which should be the same length or slightly less than wave A. Momentum is still there and I will keep riding the wave with open target at the moment because I know it will become very risky once price get into 1.34 and 1.35 range. I will decide again when the wave progressed in the coming day or two and see how mass market react.
Action: Hold long trade
Target Area: Open
Stop Loss: 1.30000 and will change once price exceeds 1.33000

EUR/USD 2/20/12

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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