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26 OCT 2012 | Free Daily Analysis | EURUSD : CONTENT WITHOUT ENTRY

G’day Surfers, Boring……but SAFE!

Yesterday’s Report

Much like the rest of this week, Price Action acted as if on a bungee chord as sudden, substantial falls gave way to slow, not so determined recoils. With 2 trading Sessions remaining, it’s more than likely that EUR/USD will complete it’s week, just like the bungee chord, significantly lower than when it began. The perennial question is the same at this week’s end, as it is at most however: Trend or Pullback? Well the most ardent Bullish fans would have to accede that this week was certainly trending South. Our Pivots started the week Bullish but reflected the bungee nature and became mixed as the week went on. Not our market at all and the few orders we placed were totally ignored by Price Action giving us a week on the sidelines. Whilst we won’t be adding to our account balance there’ll be no withdrawals and we’ll accept that aspect and look to next week to bank some pips.

Technical Analysis

Can also wait until Monday.

The Day Ahead

Despite an appetite for pips – today will remain a no trade day for me as I recognise the market is not the place for me to spend Fridays. Rather, I will maintain my discipline, exercising the patience I know will serve me well and Content with what I have. I trust you enjoy a great weekend and we’ll see you Monday.

When you are discontent, you always want more, more, more. Your desire can never be satisfied. But when you practice contentment, you can say to yourself, ‘Oh yes – I already have everything that I really need.’
Dalai Lama

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com

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