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:EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: A break in motive wave (C) that ended at 1.27212 which creates a weakness in uptrend that would suggest a flat correction ab with a minor five waves drop in c to complete the flat! I would short the pair at this point looking after 1.2600 level. This is a short day trade.
Target Area: 1.2600
Stop Loss: 1.27350
