Was very confident on this setup and it did what I expected at 10:30am and I thought that's it it was over but this is just another example of "crack then grind" action and once again caught shorts off-guard. If you can't respect the price and volume action and honer the "stop" you will get slayed.
TOPS and EGLE started in premarket and I told myself if it can hold up and trades near the top at 9:28am I would close my position. Glad I honer my promise and here comes the damage:
Huge but it doesn't impair my ability to trade. All the shippers follow the sector bellwether-DRYS. it has impressive staying power which creates lots of choppiness and volatility on these players. But I stay tight to my position and refuse to shakeout on minor price volatility and they finally pulled and I thought that's finally the beginning of the end. Guess what...WRONG!!!EGLE covered the majority at $10 and SHIP covered the most at $5.30. Minimized the gain but I did what I had to do. DRYS's action is totally absurd and I was worry these sympathy would do absurd shit. don't wanna headache!
towards the EOD I took 5k shares short and nailed the pullback. Great cover. It seems have staying power.
It was almost 2pm and I have to admit I am mentally and physically exhausted and I knew that I was not in the right mode to trade any further without taking break. But today's action is just too crazy to pass. Then I came across OPTT. I started shorting at $3.70ish when the "relative volume" is equivalent. It took 3 minutes to squeeze above $4 and I added some at $4.30ish but it kept going and even got halt. After the halt it went above $5 and my unrealized loss got nasty. I told myself to not add unless top is clearly formed. It pulled from $5.60 down to $4.60 and reclaimed $5 mark and I added one more short-5k shares slightly above the previous top. Ended up holding 24800 shares with $4.528 average. At the peak I was down $30k!!!!!!!!!!!!!!!!!!!!!!!!!! I was literally about to pass out but for whatever reason this times I stayed pretty calm and patiently waiting for the pullback to bail out. Maybe I was too tired to feel distressful or maybe I been through the worse situation yesterday... I honestly don't know. Like Craig said there were multiple things leads to big loss, it's never just one thing or another. Just very grateful that I survived from this disaster. I won't throw myself in the same situation ever again! when you are tired or not feeling well, just take the rest of day off!!!!!!
LIVE TO FIGHT ANOTHER DAY!!!!
there is always tomorrow!!!!
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