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  4. GBP/USD Signal Update Feb. 16, 2012
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GBP/USD Signal Update Feb. 16, 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 Up
Method: Elliott Waves and Fibonacci Trading.
Description: Expanded flat started beginning of January and hit 1.618 Fib level on 14 Feb and the pair found a good support at 1.56500 which is expected to be wave II. Let's wait and see what come next to expanded flat. It might be another Zigzag, or a larger wave III. I suggest to hold the pair with an open target and watch for good news.
Action: Hold Long
Target Area: Open
Stop Loss: 1.55500 For now.

GBP/USD 2/16/12

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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