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/JPY
Trend Expected Direction: Flat
Strategy: Elliott Waves and Fibonacci Trading.
Description: Divergence in RSI along with equality in wave (I=V) as shown in chart. I expect an up move to follow the divergence with a correction targeting wave ii of V. I will leave the target open waiting the correction to form and Economic news to come in. My position is long now.
Action: Buy
Target Area: Open
Stop Loss: 75.750
