I was a little complacent with the AUDUSD. Just when I thought it will keep behaving ‘properly’ it surprises us by this remarkable bounce from 1.05 just after the worst employment figures since 2009! I was out when my initial exit level of 1.0545 was hit, and by the time I reached my computer it was over 1.0560. I waited a little, expecting a breather, but this pair just kept climbing steadily. I have taken the hit and closed my shorts at 1.0580, -75 pips, -20.9%.
The profit on the AUD took more than a day to accumulate and I lost it all, and a bit more, in a couple of hours!
The behaviour of the AUD is very unusual by comparison with recent months. This is either leading to a breakout to new highs above 1.1 or it may collapse back to 1.02 soon.
Edit 10.30 am:
I was wondering when will the buying in AUDUSD end. Initially I had wanted to wait until past 10am when London sort of settles down and we wait for NY to open. However when the pair went past 1.0580 that spooked me and I exit. As it often happens, that was almost the high for the session and it has now fallen back to 1.0565.
The real lesson is that I should have been ruthless about getting out once it was clear that it was powering past my stop level of 1.0545.