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Tight Range On GBP/USD – 3/10/16 Daily Forex Analysis

March 10
01:09 2016

Wide Range Holds On EUR/USD

I just finished the month end reviews for the month of January and February which brings us to 10 consecutively profitable months. You can find all these month end reviews under the Recent Trades tab of the site. As the DTFL trading strategy is mechanical, these month end reviews are extremely accurate. Additionally these results can all be verified by members through the month end reviews that are saved in the members area going all the way back to 2012. January and February were both right around +6% each which brings us to a compounded gain of +212% over the past 10 months. I may get the January video out this week and February will be released next week. Overall the past 2 months have not been great months. Even through those months have been profitable, we have had a lower than average win rate as well as 40% less trades than the average. This shows how robust this trading strategy really is. If our “bad” months are still profitable then I’m quite happy with that result!

For today the analysis of the EUR/USD remains the same as yesterday. For market cycle, nothing changes as I do not have a cycle bias. Our levels remain pretty much identical to yesterday with the only exception being the addition of yesterday’s high.

EUR/USD Chart - March 10th 2016

Tight Range For Pound

With the GBP/USD stalling on its move to the upside, I have a stronger bias for a push down. This does not mean we have a valid cycle down, because we do not. The reason I have a stronger bias for the push down is because of the completed upward cycle. Even if the Pound is going to continue to the upside, it often has one push against the previous move before continuing on. Therefore the push down for today becomes a higher probability move. As I say every week, directional bias is not the reason we enter the market. All trades come from a stop run of a pre-selected manipulation point, not market cycle.

For today, everything pretty much remains the same in regards to the levels we had listed yesterday. I have added one additional upper level in an effort to try to catch the move down if in fact it does occur. One of the things I mentioned in the daily market preview video was the possibility of a backside short from yesterday’s lows. This is a long way from occurring as we would need to see that point break, and then push back into the backside of that point and create a stop run down. To the downside I have the same two lower levels that we had in place yesterday.

GBP/USD Chart - March 10th 2016

Forex Market News For March 10th 2016

EU Interest Rate Decision 7:45 AM Eastern: Like any other interest rate decision, I would not carry a trade into this release. More than likely it will be a non event but in the small chance it does, carrying into this release is unwise. For this month rates are expected to remain unchanged.

ECB Press Conference 8:30 AM Eastern: Like most other interest rate releases as of late, the conference that follows the rate decision is the most important. I would expect this month will be the same. Obviously I would not carry a Euro trade into this release and I would recommend avoiding at least the first 15 minutes where the majority of the volatility is.



About Author

Sterling Suhr

Sterling Suhr

Hey everyone, my name is Sterling Suhr. You and I more than likely have quite a bit in common when it comes to Forex trading. Like most, I started trading Forex and thought it would be rather easy.Everything I read said it would make you profitable so why wouldn't I believe it Forex trading was easy? The unfortunate part is that belief, and the hope that goes along with it pushed me into buying every scam Forex product there was. I've tried every EA, software, strategy, chart pattern, candle pattern, signal service, etc, all with negative results. The bottom line is mainstream Forex trading strategy will continue to fail retail traders. It wasn't until I realized this point did I begin to see success.On a personal note I currently reside in South Western Michigan. I personally love this part of the country and enjoy having a taste of all four seasons. I was recently married in May of 2012 and Chad has given me a stiff warning to not have children:) As a personal hobby I enjoy aviation and really anything to do with the outdoors.

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