In this paper the concept of an “interactive matrix” is introduced. The interactive matrix is shaped, from moment to moment in every treatment, by the personal characteristics of the analysand and of the analyst. These include the beliefs, commitments, hopes, fears, needs, and wishes of both participants. It is only within the context of the interactive matrix that the events of an analysis acquire their meaning. The implications of this perspective for analytic technique are explored and illustrated with a clinical example.