ECB Rate Decision Drama

Very interesting what just happened here. While many of you guys over in the U.S. were still crawling out of bed Mario Draghi was scheduled to announce the ECB’s rate decision at 7:45am Eastern. Almost exactly five minutes before the announcement the good people running the twitter feed over at FT.com apparently screwed up and sent out a tweet stating ‘ECB leaving rate unchanged in surprising decision‘. A few seconds later, and completely unrelated to that twitter post, my open EUR/USD Scalpius campaign was sent to the woodshed:

The MFE on that campaign was 3R and Scalpius fortunately was already trailing at the 1R mark, which given the huge spread at the time ended up being a 0.5R winner. And I probably got lucky there – this could have easily turned into a major loss.

Well, as you can imagine I was getting tired of banking coin in the EUR anyway – trading these days has become way too easy and I am very pleased to see that social media is now breathing a much welcome breath of volatility into our markets. By the way, on a completely unrelated note – I have decided to cancel my FT.com subscription for good today – for religious reasons.

Looks like it’s going to be one of those days again. My trailing stop on the spoos is just a few ticks away from being taken out. I am considering jumping back in once this resolves itself but it’s a wee bit early right now as the EUR move is causing a bit of reshuffling this morning. Best to wait until after the open.

ZL is starting to look promising but needs to get a move on now, therefore I’m moving my stop to break/even.

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