Another scratch day. Very similar to the prior trading session. Several losing trades were cut quickly, and there was one decent winning trade to make up for some of them. The winning trade was a short on EURUSD, which set up immediately after the conclusion of Draghi’s speech at 2.30pm.
I also took a news-based trade on EURCAD following the 3pm CAD news. EUR was the weakest currency going into the CAD event.
Certainly, at the moment, the markets seem to move much more frequently during the afternoon, rather than during the London session.
The rigid position management approach is being utilised well. Position management really seems to be an art rather than a science and it is so easy to continuously agonize over what could have been up. For example, in yesterday’s session I shorted the DAX following the ECB talk, with a 30 point stop – it went 20-25 points in my favor, came back and took out the tightened stop by 3-4 points, before commencing a 100+ decline. Tricky tricky.
As a side point – I got an email confirmation from LMAX informing me of a completed trade for Wed’s session (even though I had not even logged into that brokerage account that day) – it turns out that I had left a GTC (“Good to Cancel”) on the platform when I logged out on the 30th of July!!