The set-up was just like the previous AUDCAD so I played it the same way, conservative exits with a runner.
The entry level 82.09 hit outside trading hours, so I waited until the SPI opened, by which time we were 82.02 bid. Rather than offer 82.09 I hit the bid, then again at 82.00 and finally 81.96. Execution was slow as it was over the phone, and the worse fills reduced position size, but I was pleased to be chasing the market. I remember a market wizard saying he hated getting filled too easily, that ideally it should be hard to get set as the market moves in your desired direction.
There was barely any draw down on the position and T1 was taken around +30 pips. It was a weak exit. I had left a bid at 82.51 but didn't quite get hit, then panicked a bit and closed at 82.67...poor discipline. The same for T2, I had a limit at 82.02 but exited at 82.55. Admittedly, these limits were just guides. The weekend was looming and I wasn't confident about trend change. I'm happy with the decision to exit 2/3rds of the position, but I could have done slightly better on these exits. Lack of discipline cost me about 20-30 basis points. I really need to work on my exits.
The final position was closed Monday morning at 80.83 (+120 pips) for a total gain on of 118 bps. We traded down to 80.20 , but you'll never get every pip, and I was happy with the result.
