HKD/JPY Signal April 16, 2012

Fadi Steitie

By: Fadi Steitie

Currency: HKD/JPY
Trend Expected Direction: Down.
Method: Elliott Waves and Fibonacci Trading.
Description: With a positive signs on Japanese Yen and Japanese economy, I do expect a fall in Hong Kong Dollar against the Japanese Yen. Looking technicality on falling channel that wave 5 of iii has been completed at 10.366 and wave iv is in progress and broke the upward trend line, I still do expect a further drop toward 0.5 Fibonacci level toward a target of 10.280 to unfold final wave v of a larger cycle C. Let's maximize the benefit of a pull back below trend line under a complex correction for a taste from Asia.
Recommendation: Sell
Target Area: 10.280
Stop Loss: 10.500

HKD/JPY Signal 41612

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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