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  4. GBP/USD Signal- January 3, 2012
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GBP/USD Signal- January 3, 2012

By Fadi Steitie
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 tr...

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By: Fadi Steitie

Currency: GBP/USD
Trend Expected Direction: Down
Strategy: Ichimoku Kinko Hyo
Description: Tenkan Sen (Blue) Crossed Kijun Sen (Red) within Kumo on Nov 18 which caused the trend to break its support at 1.5700 on Nov 21. Trend fall to its bottom hits other support level at 1.54250. Trend has gone into a range bound or what it called in Elliott a Flat correction and in Japan a Window. Again the sentiment is negative as Senkou spans A below B. I would suggest to short the pair looking for further drop below 1.5400 hitting 1.5200 area zone. I will send a detailed follow ups on this trade using Elliott Waves counting and Fib levels.
Action: Short half lots now and another half once trend breaks support line.
Target Area: Open
Stop Loss: 1.5800

GBP/USD Signal 1/3/12

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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