Don's Openings, Part 5

Wow, you lucked out on the PEP trade. Good trading.

Missed getting filled long by a nickel, and I was glad. Figured there had to be news for him to gap down almost a dollar, open on decent volume, and bounce only .08 before getting further pummeled.

Of course the news didn't come out until 12:50: UBS Warburg bad mouthed PEP vs. KO.

We're always the last to know...
 
today but got lucky

was long 200 IBM and meant to OPG sell it
but I entered the order as buy so I bought 200 with the specialist
on the lows @ 82.05 and sold them out on the way back up to 83:)
 
Back in Orlando, getting ready for the Money Watch Expo tomorrow and Saturday.

Glad to see most of you are doing ok with your openings....and will be back to daily posting on Monday.....

Don
 
Three quick longs today.

Canceled the rest of my longs because I was afraid something was wrong when I got these 3 so quick. Nothing was really wrong, missed a couple of nice fills as it turns out. Sigh...

MAY -.14 a quick drop gets me every time.

KR +.03 ... see above

MON +.10 .. could have had more, .. but would have had to wait for a while.
 
Nov. could be my first losing month using Open only orders. I am not down too much so If I have a good week I could still get profitable for the month. Since May I have been using OO everyday and since 1998 I have been trading open order on stock with news that was a big surprise. I have been profitable every month since May with the OO. Sept and Oct had small profits, so I was concern that the effectiveness of the strategy was changing or maybe if was just my personal strategy that was not working. I am very glad I cut back my order size to 300 shares.

I certainly do not trade the open was well as Don, never had. I think my tape reading stills are not that good and could use some help cause they are self taught. If Nov is a loser I will then cut back to 100 shares and try to find a way to improve my strategy or maybe someone will help me update my strategy with some advice.

Good luck to all
 
ALL,

I was speaking to my friend who works at BT in Las Vegas, he says they have all been experiencing a recent "downturn" in profitability in the opening order strategy. He has done the same thing as many others in reducing his share size and focusing on other strategies that <are> working for him (he asked me not to share that particular strategy, but it's not anything new, it's just being profitable for him). I'm wondering what is the "key" problem for a strategy that has worked for years and now so many people are struggling just to break even with the OPG order strategy?

Anybody have any thoughts?

Good trading all,

mrktwiz
 
3 longs, 2 shorts... got kinda busy, left money on the table in a couple of cases.

Long KFT, +.25, left money behind by using slingshot.

Long DIS, +.24, same story

Long COF, -.28, quick drop, I was gone... it turned around but I was not around.

Short NEM, +.19, another slingshot that left quite a bit behind.

Short UVN, +.20, slingshot worked to perfection.... :p

Will have to learn to manage several positions without getting so excited.

:eek:
 
Quote from mrktwiz:

ALL,

I was speaking to my friend who works at BT in Las Vegas, he says they have all been experiencing a recent "downturn" in profitability in the opening order strategy. He has done the same thing as many others in reducing his share size and focusing on other strategies that <are> working for him (he asked me not to share that particular strategy, but it's not anything new, it's just being profitable for him). I'm wondering what is the "key" problem for a strategy that has worked for years and now so many people are struggling just to break even with the OPG order strategy?

Anybody have any thoughts?

Good trading all,

mrktwiz
More...

easy

OPG rely on order inbalances


Enough traders have envelopes out in the market
and order imbalances are gone.

The systems that work everyone flows to --soon they no longer work---guys move away and systems work again

Robert
 
Thank you...I respect your opinion,... so you think this might just be a "temporary' event and if volitility and volume return we could see the OPG order "gambit" be <regularly> profitable again?

mrktwiz
 
this is an EASY strategy to learn how to trade. to be profitable at it is another story. the entry is completely objective, and the exit requires a little bit of tape reading skills.

i'm sure the people using this strategy hate to see don touting it and making it readily available for ANYONE to learn.

the more people trading the same strategy, the less efficient it will be. traders will learn the strategy when they hear of it doing well, and abandon it when it stops working. traders will come back again, when they hear it starts working again.

elitetrader is great for some things, but when you have a strategy that you use, and it is effective, it sucks that everyone else can see what you're doing.
 
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