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: USD Index
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Trading.
Description: US Index is coming into a major resistance level at 9,823 with an expanded flat pattern
reaching 1.618 Fib Level. What follows the flat is a ZigZag. So I expect a
Zigzag to take a place dragging the US Index down to 9,690.
Action: Short
Target Area: 9690
Stop Lose: 9,840
Action: Short
Target Area: 9,700
Stop Lose: 9,840
