On December 29, I posted an early trade idea: Wait for vote to determine Greek bond strategy
As the poll scored fewer than 200 votes, I sold the 3-year paper, Hellenic Republic of Greece 3.375% July 17th 2017.
The first sale was at 84.10 or 10.827% and as the market kept falling I sold again at 1 83.32 or 11.242%.
My average position was therefore at 83.71 or 11.0345%.
We have all seen how volatile the peripheral markets can be.Therefore, late last night I posted a profit protection at 12.30%, which in price terms is 81.41.
At 07.00 GMT this morning the yield was 12.464%. However, a brief recovery rally occurred to 12.189 % and so my protection was activated. One could feel frustrated as the market for Greek bonds has fallen again and as of 13.36 GMT the yield was up to 12.950%.
Still, one sets stop-loss limits or profit protections for a reason and once activated, the trade itself is closed.
The trade was open for just one day or 0.003 years and made 2.8% or 1031.2% on an annualised basis. The price gain was 2.3 points or EUR 23,000 per million traded.
This trade closure takes my overall annualised return to 258.28%.