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
Situation: Flat correction as of X separation in a falling Triple correction and strong resistance.
Pattern: Expanded Flat ending with motive c wave. c wave is in expanded wave i at 0.618 and iii to v at 0.318 channel.
Fibonacci: 1.618 at 1.29648 Price Point.
Expectations: We should see a more complex corrections before trend go down.
Recommendation: Sell and hold with small lots due to a high risk.
Stop Loss: 1.30000
Target: Open
