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  4. USD/SGD Signal May 23, 2012
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USD/SGD Signal May 23, 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: USD/SGD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Technically speaking about the USD and Singaporean Dollar, the pair has crossed a major resistance level earlier and confirmed a strong motive wave started on 1st of May and expected to end today with a strong Japanese signal the Inverted Hammer with a divergence in RSI after three attempts to break the 70 level which confirm a resistance to level been hit. I would mark the move as wave (I) and now will short the pair at this level to get the most of expected ZigZag correction with open target for now.
Recommendation: Sell and Hold
Target Area: Open
Stop Loss: 1.28500

USDSGD signal 52312

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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