Wow! What a day. PTCT made for a nice small profit today,+$368. EGLE I am short overnight. And DRYS…just crazy!
PTCT was a great trade made not so great by EGLE. Had great patients on my short entry for PTCT. Did not get a lot of shares though. My exit plan was to cover 1/3on the pull to VWAP and 1/3 more on the brake under and the rest round 12. I got my first cover then started to jump in to EGLE which was fast moving. Due to this trade I decided to just take off the PTCT trade to focus on EGLE. In hindsight hat was an unfortunate decision that cost me some good profits. PTCT exits would have worked great. Instead I covered where I should have been looking at an add.
EGLE was a sympathy play to DRYS. DRYS was not sortable for me at either of my CP accounts which was a blessing, so I decided to play EGLE. I shorted into the runs late morning planning to cover on a pull to $7. My thesis was based on that if DRYS broke hard so would EGLE as I have seen time and time again. DRYS never really broke though and kept running, but the tandem runs on EGLE kept getting smaller despite DRYS making aggressive new highs. For this reason I decided to keep holding my short and added on the last big DRYS run to $42… ….until the end of the day it went para without DRYS. I admit, I decided to add instead of cut it and hold overnight. That was a mistake even if it works out, because it is contrary to my plan. It’s a form of stubbornness. It’s a mistake because that is how your risk gets out of control and you cause blow ups.
Looking back on the EGLE trade now I do wish I would have played it a little differently. I wish I would have covered on the pull to the 7.40’s and .30’s then re-enter on the afternoon run and washes. I think that would have netted more gains.
