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  4. EUR/USD Signal - Oct. 4, 2012
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EUR/USD Signal - Oct. 4, 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.

By: DailyForex.com

 

Currency: EUR/USD
Trend Expected Direction: Flat
Method: Elliott Waves and Fibonacci Levels
Description: With FOMC just near the corner, I could find a full wave cycle completed on USD Index and break in Falling trend-line in EUR/USD (Red), It gives me a better feeling on market psychology and traders that just reacted to buy more then to sell in a positive sentiment. falling diagonal usually have a fast connection that might reach almost 80% of its drop. Again risk is high here which makes me trade a small lots. I will buy & hold and keep my eye on FOMC meeting. Target I is the first soft and target II is expected. Technically a flat correction is in the middle of ABC ongoing wave.
Recommendation: Buy small lots for expected upward move.
Target Area I: 1.30250
Target Area II: 1.30750
Stop Loss: 1.28600

EUR/USD Fibonacci Signal - Oct. 4, 2012

 

 

 

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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