Gross PnL: +$1302.
Net PnL: +$1279. $40 in borrows for some additional DRYS.
Side note: Want to clarify that today was different to when I swung a bit more size (stubbornly) than I should have on DRYS a few weeks ago. Executed today with solid plan and risk in mind. Intraday was never down more than $300.
Today pretty much answered my question on whether I should have swung DRYS. If you look at pnl it suggests I should have; but I view this slightly differently.
The closing price of DRYS today was mid $1.30s. To me this suggests that there wasn't enough meat of move to justify taking the DRYS short prior to this morning.
Yes, the rally yesterday to $1.50+ (where I decided to take the swing short) was indicative that a good entry was approaching; that could be held for multiple days. But ultimately it comes down to front side of move, vs back side. There was plenty of time to establish a position in this pricing zone. Anyway takeaway is that it makes sense to swing 800 shares at the price I did; not 1600.
I was prepared for a gap up and slight rally - but I wouldn't have liked it. At 800 shares I would have wanted it; yet still would have had time to establish a swing short at $1.50+ if it didn't make another high.
Really happy with my trading around DRYS today. Wasn't scared to short strength with a stop, and managed to recycle some, then use profits to get into a position where I could hold full size for most of day.
A slight mistake on entry of the second short, perhaps half should have been there; and another half into the high. But given I had already locked some in, wasn't a big deal.
Note: Re-entry was offered on the vwap pop. And I had originally planned to get back in aggressively around that price zone (actually had orders already in while I was still up), but I went to bed; and am comfortable that I didn't.
No comments:
Post a Comment