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/CHF
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: A pull back toward 0.382 Fibonacci level at 0.96239 is expected to form wave iv of (iii) as per Elliott theory. I am here expecting a further drop toward (iii), (iv), and (v) once trend come closer to 0.9600 level, therefore I left my target open at this stage. I will update you on this trade as economic news release.
Recommendation: Sell
Target Area: Open
Stop Loss: 0.9700
