Weekly P&L -0.3k: +6.5k BIDU, -7k crpyto assets, futures trading +0.2k.
Despite facing some operational issues reducing position size we could take in BIDU, our strategy was sound and the stock is now trading at our buy price limit of $220. Looking to take BIDU off the table at $230 next week to free up capital for other high-alpha trades.
Our crypto strategy wasn’t quite segregated enough. There were originally two trades: first buy into crypto assets as a value investment during a liquidity crisis or price dip; second provide liquidity to the market during liquidity crisis with the aim of getting out within a week. After profiting from the liquidity crisis we decided to scale up our value investment but in hindsight probably should have been more patient and timed the entry a bit better.
Main reasons for holding EOS over ETH:
- EOS product is an infrastructure solution for future users of blockchain
- Given ICO was hot, potential for 100% upside again on breaking news (blockchain scheduled to go live in September)