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  4. USD/JPY Signal - Oct. 17, 2012
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USD/JPY Signal - Oct. 17, 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: Fadi Steitie

Currency: USD/JPY
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: High probability trading based on a complete ABC Zigzag cycle.  Trend broke trend line channel expected for another falling motive wave with five small waves.  Trend reached its max at %100 retracement and I would assume wave one down is in progress.  However, a pull back towards 78.820 is expected and I suggest traders to increase lots at this level.  I will send a follow up on this regards later on.  This is a free fall with open target at the moment.
Recommendation: Sell & Hold
Target Area: Open
Stop Loss: 78.960

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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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