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01 Mar 2013 | Free Daily Analysis | EURUSD : Pips Made Inside The Rectangle

G’day Surfers

Yesterday’s Report

We took some pips playing the break of trendline #1 . We took the trade using our Swing&Relax strategy on a H4 chart. The false break-out of that rectangle was one of the reasons. Other reasons are secret :)Technical Analysis

Price is still inside this consolidation rectangle. The rectangle is nicely formed between two important daily horizontal level (what we call Daily Critical Zones). It’s not a surprise so that the price find difficult to break these 2 levels. IMHO this lack of direction is linked to the uncertainty coming out from the Italian Elections. No easy to make a government, EU and markets dont like it that too much.

The Day Ahead

It’s friday, as usual, we don’t trade. I see the price remaining inside the rectangle or not going so far away from this area. Pivots are little bit streched, big gap between D-P and W-P. But of course, remember, you don’t need to predict the future to make money trading the forex. You just need a well balanced and scientific Forex System and stay true to it. Future is impossible to predict. Just fine-tune your entries according to probability. This is the art of trading, not being Nostradamus ;)

High Impact News

4:00pm USD ISM Manufacturing PMI

Have a fantastic week-end all!

Davide Franceschini

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