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  4. EUR/USD Signal Follow Up- Aug. 5, 2012
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EUR/USD Signal Follow Up- Aug. 5, 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: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: To follow up on my last post dated August 3, 2012, we got caught in the middle of expanded flat wave (c) located in B correction. The trend has bounced up after hitting lower 1.618 at 1.21344. The trend is in a progress of final up move toward its (C) with a motive wave that might hit 0.618 Fibonacci level at 1.24730. In my previous trade alert, we hit the stop loss at 1.23700 in the middle of final (C) wave. However, I recommend the following to maximize the chances of making profits from this pair:

1) Enter trade with short call and Stop Loss above/at 1.2500
2) Aggressive traders who are still in trade and managed to shift their Stop Loss above 1.23700, to relocate their Stop Loss above/at 1.2500 and to increase lots near that level.

Recommendation: Hold Short/ or re enter short at 1.24700
Target Area: Open
Stop Loss: 1.2500

EURUSD Signal 8512

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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