Wow – another full-on trading day. Today’s news schedule was packed with three Tier-1 US items, 1 x GBP and 1 x CAD as well as the ECB rate decision and press conference.
I didn’t actually trade during the morning and just kept an eye on the charts. I had looked at going into USDJPY at the 124 handle around 8am (and I wish I had). It sucks when a trade totally would have worked out. The pair ticked up around 45 pips over several hours nicely respecting the EMA’s from the 5M charts. Does this have a negative psychological impact on me.
I did go into AUDUSD just before 7am but then closed it immediately. There is a chart of AUDUSD below.
Following that was a rollercoaster ride – the trading is very difficult for me to handle emotionally. (I am going to write it down while it’s still fresh in my mind). I finally went into the DAX once the ECB press conference was finished and was knocked for a full loss in the space of 7 minutes. I was pretty angry after that. I then considered buying Cable only to watch it pop out right before my eyes – so missed that one. However I then got another chance to buy Cable following the weak US data at 3pm. This initially went into my favor but then retraced, stopped me out with a spike and then eventually made its way to T1 (around 1.7R). Whilst I had locked in a scratch on Cable I then went long both EURJPY and EURUSD – because both had setups that just looked great. I ended up selling 0.8 pips below an intermediate high in EURJPY and 0.2 pips below the day’s high in EURUSD. There was nothing special about that. I had set some arbitrary targets for getting out of the trades and luck just worked for me this time – that’s all.
So in the end I lost 1R on the DAX, made 1R on EURJPY and 1.5R on EURUSD to end the “ECB session” with a net gain of 1.5R.
What was good?
I seemed to make several good judgement calls/technical reads across the various pairs. Some of them I just missed and some I had decided to stay on the sideline. Am I employing selective memory in forgetting about the setups that i thought of getting into, and then didn’t, and they consequently didn’t work out. Am I only remembering the ones that would have worked out?
Concept of post-ECB push. Once it was all digested I had a gut feel that the Euro was going to push higher and that we would ahve some dollar weakness across the board. I will need to remember that for the next ECB meet.
I was patient in waiting for setups and for all the news events to pass.
What was bad?
My emotions are difficult to handle – I got to say.
WTF – Where are the charts?
I will post the charts for these trades tomorrow. Am off to see the Poltergeist with my teenage nephew and his buddy.