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  4. GBP/JPY Signal- May 14, 2012
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GBP/JPY Signal- May 14, 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.

Currency: GBP/JPY
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: As trend going through wave C to complete 100% of previous ZigZag where wave C got into a triple smaller corrections that I marked them as Simple, Complex, and I expect a more complex smaller correction on the way going down through 126.500 level. This trade will take sometime probably a week or so going slowly to its target due to itscomplexity.
Recommendation: Sell and hold
Target Area: 126.500
Stop Loss: 129.650

GBPJPY May 14 2012

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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