Don's Openings, Part 5

Originally posted by MVP
attn struggling OO traders

this helped me...

1. reduce your stock list to stocks that have less volatility

2. identify the type of day you are seeing

3. some opening order stocks are much better when faded during the first 5 minutes of the open. watch the opening print vs. putting in an OO order.

4. know the prev days relative strength of each stock
More...

This is good information. Re: #4, be sure you know where your stocks were trading a few minutes before the MOC order prints, so that you don't get fooled into thinking a abnormal high or low price was the actual trading range.

Watch your sectors, this is critical. I try to review the "news" sectors every day with the new people.

thanks for the info MVP...!!

Don
 
..congrats on your + 3220 (1.61)...... OO day, thats amazing, seems like you and lescor are tearing it up. I noticed one of your bootcampers showed an impressive day also (+ 1.46), this is encouraging......really appreciate your posting of your training programs results for their opening strategy for all of us to follow.

good trading all...

mrktwiz
 
Today was not my kind of open. I had 25 fills to begin with (36% of orders filled, the highest ever). A good mix of longs and shorts, 15/10. I do not handle that many positions very well, as I get overwhelmed with it all and can't focus properly on any of them. My strategy for days with big fills is basically to focus on the futures and wait for them to break out and exit all my positions on the other side and try to let things ride a bit.

But today things opened up and basically stuck in a narrow range with a couple fake outs. I had to guess and the choppiness just ate me up. I was up a grand at one point, but finished down 600 before commissions (75,000 shrs traded!) Too many .25 to .40 losers and only one really good win (HDI). 10 wins, 10 losses, 5 scratches. -.87 gross.

I keep stats on how big the gap at the open is and today was the largest gap I've ever recorded. I've tried tweaking envelopes and other things, but haven't found a reliable way to guess what's going to happen so I just try to be consistent and do things the same every day.
 
First try one fill...

T +.20.. My calculations show that the specialist should have opened the stock at $12.45, but it opened at $12.60.

Shorted and held on for the +.20.
 
Hi all,
Been doing OPG for about 2 years, new to board and thought I'd join in...

6 fills, all short, 4 pharmaceuticals. All turned red immediately.

Started to cover, and due to panic and REDI freezing, I inadvertently went long PG 800 shares, which actually helped out for about .15 less of a loss.

Also made .32 on UTX, which helped.

Overall, -.15 before commish.

BRAD1970: interesting that you got filled on T. I also had an order in to short at 12.60, and he didn't fill me. Order was in for about 8 minutes before open too. Go figure ???:confused:
 
Originally posted by eastside
Hi all,
Been doing OPG for about 2 years, new to board and thought I'd join in...

6 fills, all short, 4 pharmaceuticals. All turned red immediately.

Started to cover, and due to panic and REDI freezing, I inadvertently went long PG 800 shares, which actually helped out for about .15 less of a loss.

Also made .32 on UTX, which helped.

Overall, -.15 before commish.

BRAD1970: interesting that you got filled on T. I also had an order in to short at 12.60, and he didn't fill me. Order was in for about 8 minutes before open too. Go figure ???:confused:
More...

T opened right at your price of .60 cents, and since short sales are filled "last" you were left out this time. If you were in at .59, and it opened at .60 then you would be entitled.

Don
 
What a rip, I had an order for T at 12.54 and wasn't filled either. I had it in a minute and a half before the open, I guess that's why.

Overall, the day sucked again for me. 6 longs, 6 shorts. 5 wins/7 losses. VZ opened unchanged and shot straight up, giving me my biggest loss. And the long winners were mostly small.
 
Didn't get a fill.

I now have 216 stocks on my opening order list, and fully HALF of them were pulled due to news.

I cancelled all open orders after about 10 min. This caused me to miss a couple of beauties.

WOULD.... have been filled long on BBY, and short on G, and nothing else this morning.

BUT.... since they opened so late, I had canceled.. and got ....0.

:mad:

Do any of you cancel your orders if they are delayed by 10 min or more?
 
Hi all, I am new to this list but I read the whole thing and I think I'd like to try this technique.

One rational for cancelling orders might be bec. the market has run x% in one direction so your fv(stock) calculation would be changed, and, instead of updating the price (too time consuming), you just cancel one side.

I guess the other one is that there must be some news on the stock bec. the spec is taking so long and thus cancel both sides.

Karl
 
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