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: CAD/JPY
Method: Elliott Waves
Description: Looking at the weak Japanese retail trade and %100 correction that hit 83.200, I expect a drop in the pair toward 0.50 Fibonacci toward 80.00 price point. technically, the trend broke resistance level at 82.600 and further drop is strongly in view. I would gamble CAD/JPY this morning for nearly +250 projected profit.
Recommendation: Sell and Hold
Stop Loss: 83.500
Target: 80.000
