USD/CHF Signal- January 2, 2013

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By: DailyForex.com

Currency: USD/CHF
Method: Trend anatomy by Elliott Waves counts and Fibonacci.
Wave (i)(ii) range: 0.96960, 0.98900 in a simple form.
Wave (iii)(iv) range: 0.9250, 0.9500 in expanded form.
Wave Alternation: Wave (b) within iv correction is below (iii)
Left Shoulder(S1): Completed.
Description: I will launch a trade anatomy for wave formation focused on trend analysis to realize waves counts, entry/exit levels, patterns, and to focus mainly on popular head and Shoulder trading strategy confirmed by Fibonacci levels as well as some indicators such as RSI and others. I will try my new approach today in USD/CHF where the trend has already completed the above criteria in term of waves (i) through (iii) to reach S which it will become my first bench mark. Wave (iii) was the longest and w(iv) has expanded unlike w(ii) and confirmed the alternation as above. I will sell and hold below the resistance level below .0382 Fibonacci level and close at H which expected to be or below 0.9300. Once we confirm S1 and H, we will invest just at S2 right side (Not Shown). H&S is in a new fashion where the anatomy will show which part is extended, Fibonacci levels, S2 types after H confirmation.
Stop Loss: 0.9300
Target: 0.9000 toward H level.

USDCHF Signal 1213

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals based on his keen understanding of the market. Fadi is an expert in Elliott wav principles and Ichimoku Kinko Hyo, and he is a managing partner in one of the leading organizations in protective coating in the Gulf region.

In addition to sharing his trades as a member of the DailyForex trading team, Fadi is an expert trader on eToro, a social platform that allows traders to copy experts quickly and easily. Copy Fadi's trades on eToro here.