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  4. EUR/CAD Signal- October, 29, 2012
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EUR/CAD Signal- October, 29, 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/CAD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: Expected barrier triangle as of wave B within a falling Zigzag where it is progressing wave d at 0.618 expected level and back to almost half way between 0.618 and 0.5 to complete wave B. A breakout must follow the triangle to form a motive wave C just equal to wave A unless a further correction comes across. However, I will trade this pattern and leave it for a couple of days untill I see the breakout from point e at 1.29227.
Recommendation: Sell & Hold.
Target Area: 1.27450
Stop Loss: 1.29750

EURCAD Signal 102912

Fadi Steitie
About 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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