USD Index Signal - Nov. 11, 2012

Currency: USD Index
Method: Elliott Waves
Description: Looking at wave pattern for USD Index in upward Diagonal shape after a complex patterns since beginning of 2012, We can notice a barrier triangle within wave (b). The barrier triangle completed four minor waves in a squeeze shape which increase the risk of trading US cross currencies such as Euro, or Japanese yen. However, I do expect one more drop toward 9,950 at 0.764 Fibonacci level before the the greenback trend breaks the barrier at 9,980 toward 10,036. I do recommend traders to set aside and watch the expected breaks both ways or above expected level before trading US cross pairs. I will follow the breaks with potential trades post on Monday or Tuesday.
Recommendation: Watch breaks above 9,980
Stop Loss: N/A
Target: 10,036

USD Index - November 11, 2012

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.