Don's Openings, Part 6 2003

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Back from our Tech Conference and doing OPG's at home. Always more comfortable trading in familiar settings.

Anyway:
1 fill and it was a winner.
9 cents.

I just closed it myself, didn't even activate my automated system for it.

Cash
 
Could somebody please tell me if I am thinking correctly on getting comfortable with the OO orders.

If a high volume stock opens below where I put my "paper" buy order and my share size was small 1-2K, I am assuming that I probably would have been filled. Is that a correct assumption? I don't know all the NYSE specialist rules so is it possible I would not have been filled?

Example: BZH opened this morning at 57.07 and my paper buy limit was at 57.10. Is it safe to assume I would have been filled.

Thanks in advance.

EyeCheck
 
Quote from eyecheck:

Could somebody please tell me if I am thinking correctly on getting comfortable with the OO orders.

If a high volume stock opens below where I put my "paper" buy order and my share size was small 1-2K, I am assuming that I probably would have been filled. Is that a correct assumption? I don't know all the NYSE specialist rules so is it possible I would not have been filled?

Example: BZH opened this morning at 57.07 and my paper buy limit was at 57.10. Is it safe to assume I would have been filled.

Thanks in advance.

EyeCheck
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you would have filled 57.07
 
Quote from eyecheck:

Could somebody please tell me if I am thinking correctly on getting comfortable with the OO orders.

If a high volume stock opens below where I put my "paper" buy order and my share size was small 1-2K, I am assuming that I probably would have been filled. Is that a correct assumption? I don't know all the NYSE specialist rules so is it possible I would not have been filled?

Example: BZH opened this morning at 57.07 and my paper buy limit was at 57.10. Is it safe to assume I would have been filled.

Thanks in advance.

EyeCheck
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Probably....but you may want to keep track of how many shares the stock opened with.....just to be sure....

Don
 
The opening print for bzh was for 1,800 shares so 1 to 2k shares is large for BZH. Today There could have been a order in at 57.06 and the specialist step in front and provided price improvement on the order to fill it at 57.07 and the Open Only traders with his limit open order at 57.06 did not get filled. Your order at 57.10 might not of been filled. The open print might have been 57.11, if you had an order in at 57.10.

Good luck
Quote from eyecheck:

Could somebody please tell me if I am thinking correctly on getting comfortable with the OO orders.

If a high volume stock opens below where I put my "paper" buy order and my share size was small 1-2K, I am assuming that I probably would have been filled. Is that a correct assumption? I don't know all the NYSE specialist rules so is it possible I would not have been filled?

Example: BZH opened this morning at 57.07 and my paper buy limit was at 57.10. Is it safe to assume I would have been filled.

Thanks in advance.

EyeCheck
More...
 
Thank you Don, Vhehn, and egusc for your responses. Just figured out how to set my T&S so I could see the size of the opening print.



Eyecheck
 
Currently I trade retail but hope to switch to remote prop in the next 6-12 months. For OO orders, this of course limits me to picking one side or the other rather than enveloping both.

While I still have this limitation, anybody have any good ideas of which side to envelope on a given morning? The best I have come up with so far is to do my stocks in pairs of 2 (two brokers, two banks, etc.) and short one and long the other.

Any thoughts?

Eyecheck
 
Quote from eyecheck:

Currently I trade retail but hope to switch to remote prop in the next 6-12 months. For OO orders, this of course limits me to picking one side or the other rather than enveloping both.

Eyecheck
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IB accepts OO orders on both sides..........
 
Thanks Manhattan:

I was aware of that. Problem is my other trading, which is with tradestation, uses some of the automated features in TS. Was trying to avoid setting up two accounts that each have to have 25K.

Eyecheck
 
Quote from eyecheck:

Currently I trade retail but hope to switch to remote prop in the next 6-12 months. For OO orders, this of course limits me to picking one side or the other rather than enveloping both.

While I still have this limitation, anybody have any good ideas of which side to envelope on a given morning? The best I have come up with so far is to do my stocks in pairs of 2 (two brokers, two banks, etc.) and short one and long the other.

Any thoughts?

Eyecheck
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Well, when the prices for your sell shorts are significantly below the prior day's close, you can be fairly sure that you won't get hit on those and thus eliminate those.

Whatever you do, even if you can't do both sides on one stock, do both sides alternating stocks (you'll need to decide which side on a per stock basis). That way if things all of a sudden go south (or north) immediately after the opening, you'll have a better chance of being hedged and limiting your total loss.
 
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