The Day Trevor Immelman Won the US Masters

I woke up at 3am local time to catch the finals of the US Masters. Trevor Immelman was leading and Tiger Wood was lurking a few places behind.

By 4am, I noticed that the EUR/USD price had retreated from last Friday's close of 1.5826 to 1.5672, a 154 pips move. It baffled me how it could have moved so much when the market was not even open for trading. Later, I learned that it was a joint communique by the G7 finance ministers that pushed the USD up. The other USD pairs had also moved substantially. When the market was open, the prices were already reversing. I went in long with the EUR/USD and short USD/JPY. By the time Trevor Immelman finished the 18th hole at Augusta and won the US Masters, the prices had moved to in my favour.

From there, they were on yo-yo rides. By 10am, I decided to close my USD/JPY pair for a 20 plus pip gain. Slightly after 11am, I closed half of my position in EUR/USD for the same gain. By4pm after I closed the remaining half of the EUR/USD, it advanced a further 73 pips. By 6.30pm, EUR/USD was at 1.5827. USD/JPY was at 100.82, almost 70 pips from my exit price. I could just kick myself.

In retrospect, my exits were hasty. Normally I would wait for the prices to cross either EMA 10 and/or EMA 20 before I close my position. I was a bit too quick on the trigger this morning. On the other hand, a total of 136 pips was not that bad to start the week.