Don's Openings, Part 5

FYI

I no longer use OO strategy.

Slowly but surely for 2002 the liquidity during the open has dried up month by month. And the fills are getting worse.

No longer worth my time and effort to generate less than a .0005 per share after commissions.(about $10K in commissions to make $500 per month)

I spend 100 hrs to test and refit my system for OO. That comes out to $5 per hour.
 
In July I already saw the writing ...

Its a moot point to pay commissions and bullets and fees ONLY to later get screwed by specialists.

Slippage is at an all time high. Specialists have to pay for their Brownstones and Mercedes...
 
4 shorts this morning..

THC short.. -.05, gave it up almost as soon as I got it. Had a wide envelope on it, but it didn't look like it was going to go down at all. Glad I lost it when I did.

HRB.. -.30, had a modest profit on it, and had a buy in to cover, but it started heading up, and I was too slow to cover. Then I couldn't catch up to the offers.

GE +.05, got shook off when it briefly turned back up.. should have been just a bit more patient.

NAV +.45, well, this one worked out as scripted, had a buy to cover in already, and got hit just before it turned up.

Been really hammering on my entry criteria, and studying the previous charts til I am bleary eyed. Hope I learn something from it all.

What I have learned so far:

Some days you need narrow envelopes, somedays you need wide,

some days they gap and come in, some days they gap and go..

Will share as soon as I learn something else... :)
 
Mucho ditto with MVP and xtrader...

For about the last 6-8 weeks, due to the light volume, I have been very conservative with the OPG orders. Smaller size, and fewer orders.
As a result, I only get a couple of fills a week, and make/lose a few cents. Hardly worth it I know, but it gets me trading right away.
Hopefully this strategy will work better when the volume picks up.
Good trading all...
 
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