Good Day,

<span style="text-decoration: underline;"><strong>ECB YESTERDAY:</strong></span>

Wow...that is all I can say after yesterday's price action.

I had a technical / connection nightmare thrown in for good measure with a free thunder storm for good measure with a power outage. It was hellish for me all in all for about 1.5  hours but for 30-45 minutes I had nothing, I even lost cell phone connection due to the storm (my third internet connection alternative).  BQ, pointed out to me that I posted on twitter that I had entered trades then I posted I was stopped out.....no levels, stops or limits. During the connectivity crisis I was taken to the cleaners. I had managed to load stops to replace the automatic stops I have in place when entering enter trades, had I not been able to this, my loss would have been trebled. As I explained to BQ yesterday, I was able to amend the stops by about 5 seconds before we had a power outage, and the generator did NOT kick start.

Moving on, I need to put yesterday out of my head.

The question that I was asked 7 times yesterday was why did the EUR/USD make such an about turn?

I wish I knew exactly. I have read articles about what Draghi did was basically what was already priced in. He did pave the way clear to do Quantitative Easing without actually doing it, and, I have written on LinkedIn, Twitter and Blogs stating that without "full-on" QE the market would sell-off on the knee-jerk and then bounce...that is in effect what happened. For what it is worth, my thoughts are that as soon as he said that estimated projections for the EUR/USD exchange rate were based on 1.3800, even though exchange rates were not a policy target, at this point the EUR/USD stopped falling, consolidated and then squeezed. Is the market that fickle.....damn right it is. But was that the reason for the bounce?

I thought we would find resistance at 1.3557 (38% retracement from the sell-off lows), that was when I lost connectivity for the first time. I thought 1.3585 would hold, it did not. The next level was 1.3650, although we jumped through it, it basically held in the North American session.

The move upwards in the EUR/USD moved the market. I could not trade as I had issues most of the morning, it was just not worth the risk.

<span style="text-decoration: underline;"><strong>NON-FARM PAYROLL TODAY:</strong></span>

Now, today we have Non Farm Payroll.