EUR/JPY Signal - Mar. 15, 2013

Fadi Steitie

| on March 15, 2013 | Updated on March 15, 2013

Currency: EUR/JPY
Method: Elliott Waves
Description:Counting the motive wave in EUR/JPY within larger five, I spot the trend touched wave iv of v in a zigzag correction pattern testing 124.00 level at 38.2 Fibonacci level which confirmed 2/3 of the cycle completion. I will assume the equality theory of Wave I = Wave V (Larger form)and go long at this range of trading. So I am looking to buy the pair targeting 128.00. Stay tuned for further follow up on this trade.
Recommendation: Buy and Hold
Stop Loss:123.650
Target:128.00

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.