Young hit the bar and Coleâ€™s kick was saved by Gianluigi Buffon as Hodgsonâ€™s team lost 4-2 in the shootout to an Italy team that totally dominated a game which ended goalless after extra-time.
"I donâ€™t think I couldâ€™ve asked for any more," said boss Hodgson. "They gave their all and we werenâ€™t quite good enough to win it over 120 minutes.
"When it went to penalties we went down the same road weâ€™ve been down so many times before.
"They werenâ€™t nonchalant. Ashley Youngâ€™s smashed his against the bar and Ashley Coleâ€™s was well saved by Gianluigi Buffon. A playerâ€™s reputation should not be forged on a penalty shootout, it should be forged on the four games we have not lost.
"Weâ€™ve watched these players taking penalties in training because it has become an obsession for us in English football, and theyâ€™d done extremely well. But you canâ€™t reproduce the tension, the occasion, the tired legs."