The amended pattern raised entry to 60.50. I scaled in with 4 positions around 60.40, slightly premature, but overall was happy with the execution.
Price continued through "X" of the bearish bat up to 60.70, breaking the down trend line and giving the first warning sign. From here we ground painfully lower, before finally moving with momentum to 60.00, where half the position was closed (60.10 / +30 pips). Another 1/4 position was covered at the same level at market on close Friday. These were conservative exits, earlier than planned, considered soft at the time, but proven wise with time. That bloody Kiwi just would not die!
Best I saw from entry was +60 pips / +20 bps, before the 24 hour rally from hell eventually stopped out the 1/4 runner at 60.97.
Also added to the trade, putting Friday's 1/4 covered short back out 30 pips better at 60.40 basis chart below, but obviously that also got murdered.
I've clearly been coming at this pair from the wrong side, so it's good to escape with just a 5 bps loss. I'm happy with the trade because I minimised the damage and allowed the final position to run in accordance with my plan. It didn't work on this occasion, but I left myself open to the larger gain, while at the same time protecting my downside.
Next.
