GBP/USD Signal - March 14, 2013

Fadi Steitie

| on March 14, 2013 | Updated on March 14, 2013

By: Fadi Steitie

Currency: GBP/USD
Method: Elliott Waves
Description: Looking at the falling channel in a diagonal pattern in extended wave (v) for GBP/USD, We can notice wave (4)/(D) has accessed wave (A) in the golden 0.618 popular Fibonacci ratio touching the upper trend line which suggest a reversal in trend is expected at 1.50748 price level. I will short the pair at this point with open target and stop loss just above 1.5150 for expected wave (5)/(E) expected drop in order to complete the extension of the final wave. Good luck on your trade.
Recommendation: Sell and Hold
Stop Loss: 1.5150
Target: Open

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.