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  4. USD/JPY Signal February 20, 2012
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USD/JPY 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: USD/JPY
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Trading.
Description: A complete motive wave finished this morning Asia session by hitting 1.618 Fibonacci level on 6H chart with extended wave ii (Circle). A correction will follow the wave that might be a zigzag or other type. However, I wouldn't trade in such a scenario until tomorrow or at least more information to flow in or the trend to come closer to the target level 78.00. Its time have a cup of coffee, watch the market
and get ourselves ready for next move. I will send my trading strategy once I get a clearer picture on the Japanese yen.
Action: Step aside for a while
Target Area: 78.00
Stop Loss: N/A

USD/JPY Daily 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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