Well, the European session ripped my face off today. After experiencing a breakeven trade, followed by four losses in a row, I got so angry I turned my computer off and went for a half hour walk. :)
Today's European session was horrible, with it being less volatile than the Tokyo session (at least until the release of US non-manufacturing PMI).
Materially, I wasn't affected. I'm using a micro account while I scalp and each losing trade only costs me a few bucks. At least my tuition costs are being controlled.
Trade #3 = 0.6 - 0.55 = 0.05 pips won
Trade #4 = -2 - 0.55 = -2.55 pips lost
Trade #5 = -2.1 - 0.55 = -2.65 pips lost
Trade #6 = -2.1 - 0.55 = -2.65 pips lost
Trade #7 = -4.5 - 0.55 = -5.05 pips lost
In total, I surrendered 12.35 pips today. I think my main difficulty with the European (and US session) is how to handle news releases. Early in the European session, bad Spanish services PMI figures came out, followed by good Italian services PMI figures. I guess this mix of good and bad news made it difficult to read the direction of the EURUSD.