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  4. CAD/CHF Signal - Feb. 25, 2013
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CAD/CHF Signal - Feb. 25, 2013

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: CAD/CHF
Method: Candle Sticks & Bollinger Bands
Description: Trading the hammer is very rewarding. On this daily chart, a hammer just closed above the lower band on Feb 1 with a double corrections in an action of a pull back scenario followed be a nice squeeze from both bands which indicate breakout on the way. I will watch the trend closing above the blue middle moving average before I trigger a buy bottom and a close above the upper band would confirm the bullish move. The target might be expected at 1.618 Fibonacci level above the resistance of both corrections above the hammer which expected to hit 0.9300 price point level.
Recommendation: Watch hammer effect on daily chart once trend close above the middle blue average and break the squeeze from the upper band.
Stop Loss: 0.9000
Target: 0.9300

CADCHF Signal

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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