ECB press conferences have a recognizable rhythm. The opening statement is read from a script. The questions that follow are where the surprises come.
The market often reacts to the prepared statement and then reverses when the president answers a journalist's question in a different tone. A throwaway sentence, such as a comment about the euro's strength or an admission of uncertainty, can move EURUSD by 40 pips.
What makes it hard to trade is the timing. The Q&A runs 40 minutes, with no fixed moment of release. The risk is spread across the whole period.
For scalpers, the sensible approach is to treat the Q&A as a live news event. Either stay out, or use a source with a live transcript or audio feed. A delay of even five seconds relative to the broadcast means the move has already happened.
Following a text feed from a reputable newswire is faster than watching a video stream, which usually lags by several seconds.
What's the fastest way found for following a press conference in real time?
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The ECB Q&A reversal
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