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: AUD/JPY
Description: Head & Shoulder as of wave iii strength just went below (v) followed by a broken trend line in expanded flat patter. I expect a further drop from this level down as a final (c) toward middle correction (b). Note general trend still in strength and further improvement on price still expected because we are within a leading diagonal pattern in progress on macro level.
Recommendation: Short pair
Stop Loss: 83.500
Target: 81.400
