After my last trade, my next trade was shorting Fortescue (via CFD as usual). I just closed this position this morning. Below is the screenshot taken just before position clearing.
This trade was opened last Thursday, hence I held onto the position for 3 days. Position size was 204,600 shares worth about $3.3M, broken up into small 1,100 shares positions.
I did not manage to realize this $197k, as prices went slightly up during my position clearing process. My net profit from this trade, taking into account transaction and holding fees, is probably about $179k.
The position actually went negative $80+k on Friday, but reversed to as high as positive $240+k today. The drop at the open today was due to China COVID lockdown fears. However, today’s China economic data release was very positive and caused the drop to be reduced. I decided to take profit this morning as there is now a non-trivial probability of price reversal back up.
I actually still have a smaller Rio Tinto PLC (London market) short position. Most likely, I will try to clear this position later in the afternoon, but I will assess how the commodity and stock markets are moving before making a final decision.
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