Don's Opening's Journal....

Originally posted by NeedToSucceed
>> Back to normal today, we had .8 envelope, 7 fills of 15, 6 >>winners ...made about $3,000 - excellent day.

Don,

Do you normally tweak the envelope depending on the kind of day ? On a day when pre-market futures dictate a weak opening , do you widen the envelope ?

thanks..
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What I do is widen both sides of the envelope a little bit (up to no more than 1.0%) when the market is going to open up or down more than 3 Sp00 points from FV. When near zero, I use .7 or so.
 
Small, 5 fills, 5 winners, 1 loser, net about $700.

I pulled out my AOL offer (good thing)...AOL is under water, book value wise, and I don't want to get caught short if it decides to move (not suggesting it will, but it is pretty low).
 
...AOL is under water, book value wise...
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Don,

Just curious, what is your brother Bob thinking of here?

Just curious if he is brewing an AOL/? pair trade here?

nitro
 
I am trying to trade at the opening using IB and small watch list (20 stocks). Since IB doesn't have OO order type, what order type should I use? Maybe buy limit, sshort limit and cancel them after first couple minutes of trading if they weren't filled?
Thank you for your insights on this matter.

I also want to thank Don Bright for this excellent thread.
 
I tried OO's @ IB. Just used limit orders with the intent of canceling them if they didn't fill on the open. However, trying to deal with the volatility of the filled stocks then simultaneously having to manually cancel the unfilled ones, was a huge distraction. I opened a customer account at Andover, which uses the Redi system and offers OO orders.
 
Originally posted by RookieTrader
I am trying to trade at the opening using IB and small watch list (20 stocks). Since IB doesn't have OO order type, what order type should I use? Maybe buy limit, sshort limit and cancel them after first couple minutes of trading if they weren't filled?
Thank you for your insights on this matter.

I also want to thank Don Bright for this excellent thread.
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Your in a bit of a dilemma if you cannot use O.O. orders. I know that retail customers cannot place buys and sells on the same stocks, but I thought you would at least be able to use the OO (and hope you guessed which way the stock was going to open. You will lose all the edge if you wait until after the opening, unfortunately.

Thanks for the nice words, always appreciated!! :-)
 
don, don't mean to impinge on your thread but OO orders should be coming soon with IB. However, if you have limited capital, you'll be limited to placing orders to i guess 4x margin. bright and others will have less restrictive margin policies.
 
6 fills on 15 stocks, 3 winners, 2 even, 1 looser, average size 800 shares, net 250. Still not letting real winners go, but at the same time I do exit loosers asap.
 
don, don't mean to impinge on your thread but OO orders should be coming soon with IB. However, if you have limited capital, you'll be limited to placing orders to i guess 4x margin. bright and others will have less restrictive margin policies.
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def,

Yeeehaaaa!

(sorry for being such a pest with the yehaas, but that's the way I feel about IB)

nitro
 
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