Don's openings Part 3

Originally posted by mjt
Hey Don

Is it reasonable for someone who has not used this strategy yet, to be able to expect to do as well as, say, someone like yourself after a few months?

I guess what I'm asking is this: is it more of getting a feel for what the specialists routinely do with their stocks at the opening (which could be learned in relatively short order, I believe), or does it have more to do with understanding the movement of the entire market, what's moving it, tape reading, etc? (which of course takes much longer to get a feel for)
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You're going to mcuh better after you get a few months behind you. After learning the basics of exiting the opening trades, when you have multiple fills you should be able to do fine.

Start with 4 or 5 orders, hope to get filled on 1 or 2, and trade them as you would any other stock. After you get filled on the same stocks a number of times you will get a feel for how they act in different scenerios.

Good Luck!!

Don
 
Don and me have very different styles that's for sure.

Today was great. Got long's off the bat and canceled all my shorts after a few fills on the short side and seeing futures rip higher.

Net 2 points. :)

Robert
 
Originally posted by Don Bright

NOTE:*** Be sure to place both sides of the orders, buy and sell, every morning. I got filled on the buy side with MWD this morning at 41.10, and immediately sold it at 41.60. You never know when there may be a few shares left over from the prior day on the opposite side as you would expect.

Don
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Don, did you mean to place both buy and sell after you get filled?
So if you get filled on the buy side you put a sell stop right away and vice versa???

I got screwed on HD today. Filled on the short side and went market buy immediately after I saw the futures were ripping. Filled me on the high of the day I believe!!! I've increased my envelope size a little but for some reason I haven't been able to get as many fills as before.:confused:
Did you use 1% on each side today, Don?
 
Originally posted by mrktrend


Don, did you mean to place both buy and sell after you get filled?
So if you get filled on the buy side you put a sell stop right away and vice versa???

I got screwed on HD today. Filled on the short side and went market buy immediately after I saw the futures were ripping. Filled me on the high of the day I believe!!! I've increased my envelope size a little but for some reason I haven't been able to get as many fills as before.:confused:
Did you use 1% on each side today, Don?
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OK, first, no I did not mean "after" I mean both sides entered every day on the opening (many people say "the markets opening up, so my buy won't get filled, so the heck with it." ).

You got "shaken out" on HD today,...and yet I saw it as "over bought" and waited for it to come back through the opening price....some of this will come with time, and a feeling for the market. Don't despair!!

Don
 
I decided to cancel all my "drug stocks" on the opening this morning....because of LLY, but as it turns out, would have done pretty well ( $1.00 on LLY). Oh well, back to work....

Don
 
I decided to cancel all my "drug stocks" on the opening this morning....because of LLY, but as it turns out, would have done pretty well ( $1.00 on LLY). Oh well, back to work"

don some of the best opens last few weeks have been negitive news plays.they really open them down.do you think its a mistake to play those with a wide envelope like a point +.tia
 
Yes, BMY was ok, but take a look at SGP. I had already moved the
bid way down because of LLY, so I may or may not have been
filled on this one, but I cancelled it a few minutes before the open.
 
Yes, BMY was ok, but take a look at SGP. I had already moved the
bid way down because of LLY, so I may or may not have been
filled on this one, but I cancelled it a few minutes before the open"

yes BAX would have killed you too.
 
Look at CSC and EDS and how they reacted to the IBM news. I didn't look at IBM close enough and put orders in for these two stocks, which both tanked. So today was a bad day for me. Smacked in THC too.
 
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