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28 SEP 2012 | Free Daily Analysis | EURUSD : In Love with Justified Break-Even Days

 

Hi Team,

Yesterday’s Report

As you can learn from the video-lesson in homepage right now: http://surfingthepips.com we trade only during the Prime Time. The Prime Time of Forex is when, statistically, the market trend. As you know Trading is a probability game, and probability is about odds. Yesterday we had a very flat and untrending Prime Time and a trending late US session. This can happen. The problem is that traders with poor discipline, when they miss movement like yesterday, they start to trade the late US session as well. What happen normally is that you’ll start to lose all you earned the first time. Why? Because probability say this. You will have more flat late US session than not. The next time you will enter a trade and the price will go against you, easily. Because when the market doesn’t move it’s very very easy to have losses. The Flag Pattern we were looking for yesterday has been broken during our No-Trade time. This happen. The good trader is happy to see his analysis was good, also if you ends the day without pips in the bank. Fall in love with justified break-even days and hate unjustified wins. Remember.
It’s your account speaking ;)

Technical Analysis

Flag is now broken, as you can see from the chart attached. I see EURUSD continuing his bullish movement today. Daily Pivot is not tested yet, to go long now is very dangerous, price is a little overbought. 


The Day Ahead
I don’t trade on fridays (check the same videolesson to know why) but if I would be active I would wait pullback to D-P to buy some Euros. 

Have a great week-end Surfers!

Davide Franceschini | Chief Trader and Founder at SurfingThePips.com
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