CAD/CHF Signal - Feb. 25, 2013



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


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.