Double Wow today! That DRYS move just Epic! +$1828 realized and holding SHIP, TOPS and EGLE overnight.
Today my main focus was shippers. I never would have imagined DRYS surviving its “death pull and halt” to the down side to $45, to then push to $102. Just insane. My plan today was to short into any morning ramps on the shippers and then cover on the pulls when DRYS failed. DRYS did not offer as big of fails as expected so I did not get as big of moves to the downside as hopped. Given the week close on all of these names I decided to hold some overnight for gaps down.
What I feel I did right today was lock in some gains along the way. I never added to a looser. I cut things off, or reduced my positions/risk on ramps towards my entries, and I never once fought anything. I would not allow myself to borrow more then 2000 shares on SHIP and TOPS–my two new plays today–this forced me to take positions off or reduce size instead of adding to losers. Once up on a position if the stock spiked back to my entry I took it off–period. All, in all I am very proud of how I traded these names today.
What I feel I did wrong… on TOPS right out of the gate I started in to soon–which isn’t the problem–I let it blow past my $1000 max stop loss and held for my max “oh Sh#!” number of $2000. I did cut it though at that point which I am happy with even though it tanked shortly after. However, I got right pack in and made almost all back… and if you count the unrealized then I made all of it back and then some.
EGLE I am still holding full size. This is left over from yesterday. I added a little bit on the push into the close.
TOPS and SHIP I kept 1/2 over and added a few on TOPS at the close. I left room to add on a push if we get that instead of a gap down and drop tomorrow morning. All my max loss points remain in tack on these plays and I will take them all off if they get there, but plan to take them off if they get back up to my average first.