Whether Greece or any other event was a reason behind underlying market performance, the bottom line for me this month was absorbing a dent to my profits due to changing up my trade strategy midstream. By that I mean initiating swing trades with targeted exits, then adopting a trend following approach to manage them once they’re working. Switching gears cost me earned profits on swings as well as keeping me in failing trades too long. Trend trading isn’t always the best fit for a choppy market, so swing trading with targets and/or tight stops had been working better for me. I switched because I would prefer to do the former, however the market dictated the latter would have been preferable. I should have listened to the market more carefully.
June Net P/L: -4.91%
Year to Date P/L: +3.74%
- Cytori Therapeutics (CYTX) +28.1%, 194-day trade. After several profitable trades, I finally gave up on my last piece of CYTX. I scaled out of CYTX several times with my highest booked gain being +125%, however I’ve given up on my moon shot aspirations at this time. I find that it simply is not worth giving up signficant gains in the hopes of hanging on over time to achieve a potential multi-bagger, many charts of which often start out with large percentage gains and losses along the way similar to CYTX. Hindsight always pays best though, doesn’t it?
- Juno Therapeutics (JUNO) +21.8%, 48-day trade. This was a targeted trade from the start, then I switched it up when JUNO’s momentum looked strong. That decision clipped my profit from 35% down to 21.8%. JUNO’s upper trendline proved to be valid resistance near 69, however I stayed with it until the momentum fizzled where I stopped at 62.41 once the short-term trendline as well as the June 5 LOD were broken. Despite switching my tactics, this was a disciplined trade in taking the exit as soon as I recognized it failed. From there, JUNO dropped to 44.50.
- Blucora (BCOR) +17.7%, 55-day trade. I first noticed BCOR’s chart pattern at the end of April seeming to be rounding up, so I put on a trade with a stop under 12.61 in mind. I benefitted from the earnings surprise, then stayed in while it ranged sideways through April into June. I booked the trade to free up stalled money for another setup.
- Qorvo (QRVO) +11.7%, 81-day trade. I should have jotted down what I referenced to measure a price target here, but I know the projection was 88.45, so I planned all along to sell if it hit 88. Price peaked at 88.35, however this was another switch in mid-trade that proved to drain earned profits. I chose to hold it anticipating continued momentum and higher gains before I finally took the exit on June 26’s big down day. By not taking my target I swapped a 22.6% gain for 11.7%. Frustrating, and to add insult to injury the overall trend is still up. I’m looking for a re-entry here.
- Alibaba (BABA) -10.5%, 38-day trade. I took a full position in two halves on the pullback from the May surge to 95.06, averaging 91.95. It looked promising until June 8, then I held on too long with too large of a position.
Long – AAPL BERY CJES FOMX GNMK GOGL HCLP JUNO LPI RCPT SCAI TEU
Short – None