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  4. EUR/USD Signal- September 25, 2012
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EUR/USD Signal- September 25, 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: Looking deeper in yesterday short call for EUR/USD with no economic activities, I posted a m15 chart to watch the detailed drop within the correction. We noticed the first Zigzag finished at 1.29197 with a %100 A=C (Red dot line). Wave X went to 1.30450 and second Zigzag started with wave a. A correction is expected for today before wave C travel below 1.29197 level with a more complex pattern. I will hold my short position but will move my Stop Loss a bit higher to 1.31200 or untill the trend break 1.29197 level.
Recommendation: Sell & Hold
Target Area: 1.26400
Stop Loss: 1.30400 Moved to 1.31200 (Temporary until second ZigZag form)

EURUSD Signal 92512

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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