Don's openings Part 3

"If the stock opens lower, you cannot get a fill because of the uptick rule."

i have never tryed it and could be wrong but i think i remember don saying something about if stock was on an up tick the day before when it closed you could be filled short.maybe don will clarify it for us.
 
Originally posted by vhehn
"If the stock opens lower, you cannot get a fill because of the uptick rule."

i have never tryed it and could be wrong but i think i remember don saying something about if stock was on an up tick the day before when it closed you could be filled short.maybe don will clarify it for us.
More...

In that instance you can be filled on an unchanged open. I don't think you can ever be filled short on a down open.
 
Yes, you are right. I didn't think of that while I was going through my canceled orders afterwards. There were probably several shorts that I wouldn't have been filled on.

But I had 5 short positions that were gapping up and the guy on the squawk box was going mental calling higher handles. I was in major risk control mode then and just made one click and canceled all orders. If my balls were a little steelier I might have handled things differently, but I'm a wimp when it comes to big losses.
 
Originally posted by vhehn
"If the stock opens lower, you cannot get a fill because of the uptick rule."

i have never tryed it and could be wrong but i think i remember don saying something about if stock was on an up tick the day before when it closed you could be filled short.maybe don will clarify it for us.
More...

There seems to be some confusion in a few of the posts. First off, if a stock opens at the exact same price it closed, and the close was an uptick, then you can be filled legally on a short sale.

I am confused about Lescor's opening, with all the shorts being taken...I had zero shorts filled.

What I do is put the same price from my calculation in as a short sale, even if it is lower than the previous close, knowing full well that I won't be filled unless the stock actually opens Up for the day....

Don
 
We had something happen that I want to warn you all about. Some of you may be Nasdaq players who are unfamiliar with the order coding for "opening only"....this can prove costly.

We had a trader put in a large quantity of opening orders, but he had no marked them as "opening only" ...simply "day orders." So when the stocks opened way down, he was filled on the first uptick....and this proved to be costly. He had picked up the basic concept from one of our other traders, but did not attend our training...it cost him several thousand dollars...(the $1000 training fee seems minor when something like this happens).

Anyway, be careful of that, and so many other points should be taken into consideration when getting into any new strategy.

Good Luck!!

Don
 
lost 8 cents in cof today because of ib.with ib if you enter your order in this sequence you get in trouble.order ticket,limit order, set price,then set to opg only.when you set the opg order last it sets the limit back to market. i didnt catch it so sent a opg market in.filled long 60.10 out 60.02.you have to make sure the last step you do is the limit order.i have been trying to get ib to make open orders default to limit or at least make it something you can specify the default on but they could care less.when you enter 20-30 opg orders its easy to miss this step.
 
Originally posted by vhehn
lost 8 cents in cof today because of ib.with ib if you enter your order in this sequence you get in trouble.order ticket,limit order, set price,then set to opg only.when you set the opg order last it sets the limit back to market. i didnt catch it so sent a opg market in.filled long 60.10 out 60.02.you have to make sure the last step you do is the limit order.i have been trying to get ib to make open orders default to limit or at least make it something you can specify the default on but they could care less.when you enter 20-30 opg orders its easy to miss this step.
More...

Yipes!! There has to be a way to get IB to keep these as limit orders. Sorry to hear this....you might want to IM "def" about it.

Don
 
Originally posted by vhehn
lost 8 cents in cof today because of ib.with ib if you enter your order in this sequence you get in trouble.order ticket,limit order, set price,then set to opg only.when you set the opg order last it sets the limit back to market. i didnt catch it so sent a opg market in.filled long 60.10 out 60.02.you have to make sure the last step you do is the limit order.i have been trying to get ib to make open orders default to limit or at least make it something you can specify the default on but they could care less.when you enter 20-30 opg orders its easy to miss this step.
More...

Don't use the order dialog box. Make sure you have the time in force displayed on your order line, and just use the drop down menu.
 
paying $1000 for a seminar...

Joe Blow couldn't hit like Barry Bonds regardless of how many batting classes he took.

And in this market, it takes a Barry Bonds to hit winners.
 
You must log in or register to reply here.
Back
Top