3/6 ECB Day – Long Euro trades save my day!

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.

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