My name is Maurizio Orsini, I'm an italian indipendent trader working in the Forex market with the Price Action Daily Method. I use to analize my charts with no indicator or oscillators but just the most important thing...the PRICE! I work with weekly and daily time frame (max H4) realizing 15-20 trades each month, respecting in a strictly way the rules of my method and especially my money mangement. I use to analize each evening, (italian time) in only 30 minutes, the Forex market searching for a signal of my trading plan and I open a position after having analized the weekly and correlation situation.
I'm not a scalper so I don't spend my time in front of my PC...I just analize for a few minutes the situation, after Wall Street closed, and if the price shows me a good opportunity (also in term of risk/reward) I take a position otherwise I just turn off my trading platform and wait the nex day!
I hope you'll enjoy my "humble opinion" and forgive my bad english.
I insert my last analysis (realized only 1 hour ago) and wish you all a nice trading time!
this week starts with great caution for equity markets, waiting for the European Summit for the Bank Union, but also begins with a heavy downward for Milan Stock Index.
As we already have been thinking in the weekend, the news of the resignation of Mario Monti (Italian Prime Minister) and the imminent coming back of Berlusconi led a sell-off on the list of Milan, a spread that flew upward (up to 380 points this morning, from 280 of 5 days ago!), as well as an increase in the yield of italian government bonds (and for correlation of Spanish ones). Europe does not see kindly at all the return of the previous Italian prime minister, due both to the low appreciation between the European governments and his “electoral” policy against spending cuts which could destroy what has been built in the recent months by the more esteemed Monti and his Brussell colleagues.
Eur/Cad: this pair just closed the strong downgap realized at the beginning of last night on the 1.2780 level. The retracement of this resistance area will take me to look for one of my short set up, in order to go back into the bearish short-term trend with the first target on the 1,26 support level.
That's all for today!
See you tomorrow, arrivederci.