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  4. EUR/JPY Signal #2- March 26, 2012
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EUR/JPY Signal #2- March 26, 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/JPY
Trend Expected Direction: Down within a falling channel.
Method: Elliott Waves and Fibonacci Trading.
Description: End of expanded flat correction is going toward 1.618 Fibonacci level at price 110.620 which is Marked as (B) wave not shown on chart. A clear divergence has taken place in 6H chart which indicate a near end to current cycle. Wave iv is in flat correction and another jump is expected to hit 1.618 Fibonacci level. I am going to short EUR/JPY based on Market Mass Psychology targeting 108 level.
Recommendation: Sell and hold
Target Area: Open toward 108.
Stop Loss: 112

EUR/JPY Signal 3/26/12

Fadi Steitie
About 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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