Don's Openings, Part 6 2003

Free Thinker · Aug 7, 2003

Quote from rttrader:

Cash,

I haven't seen Don post in a while here? Is he on vacation or is he ok? Just wondering ....I do lurk and read his OO strategy almost daily....

I enjoy reading his post's and commentary.

rttrader-

don got mad when someone posted results on another thread. not sure why. it wasnt anything bad imho. we havent seen much of him since.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=20023

rttrader · Aug 7, 2003

Quote from vhehn:

don got mad when someone posted results on another thread. not sure why. it wasnt anything bad imho. we havent seen much of him since.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=20023

Thanks vhehn....this used to be such a nice neighborhood.....well I didn't agree with everything Don said ..but I will always have respect for him as a businessman and for his trading ability utilizing the OO strategy, he was one of the best with that specific technique...I've watched him trade it myself live.

I hope he comes back.

rttrader -

Don Bright · Aug 7, 2003

I'm done "pouting" now, but my Compliance Officer is concerned when people take partial information and post it as gospel. I was just trying to show how consistent the strategy is.......you guys keep it up, when she gets over all this, I'll start posting again.

Don

TonySanDiego · Aug 12, 2003

OK, I have finally gotten set up to do openings here in Chicago.

What a pathetic excuse for an opening today.

Nothing was filling.

Got ONE, that is 1, fill.

AG +.05, and that was all there was there in AG.

Hope the next couple of days are more interesting. ( in a positive way of course)

Anybody else trading the opens these days?

DaveN · Aug 12, 2003

Only one here today too.....

That's out of 95 stocks with fairly agressive envelopes.

It turned out nicely though. WFC.

Don Bright · Aug 12, 2003

Quote from DaveN:

Only one here today too..... That's out of 95 stocks with fairly agressive envelopes.

It turned out nicely though. WFC.

Is my "moderator" coming to Anaheim.......You'll have to pay your way, but I'll give you a t shirt!!

Don

mdl060374 · Aug 12, 2003

Quote from TonySanDiego:

Anybody else trading the opens these days?

I traded the opens alot very successfully starting in January (when I was first introduced to the strategy) up until the end of the main IRAQI war. There was a lot of volatility and the S&P's almost always tested the previous days close b/4 9:45...

I did this though ONLY when they were trading far away from teh close. How can you run opening orders successfully when the S&P futures are flat? (like the last few weeks) Amy insight I would appreciate.. even with tight bands, you get bad fills?

PM if you wouls like to exchange ideas..

DaveN · Aug 12, 2003

Quote from mdl060374:

I did this though ONLY when they were trading far away from teh close. How can you run opening orders successfully when the S&P futures are flat? (like the last few weeks) Amy insight I would appreciate.. even with tight bands, you get bad fills?

I'm finding that my better days are happening on those small to flat openings. My bands are not necessarily tight, I just have many stocks that I send orders on. Only those that open outside of a "normal" range should be the high probability trades. "Should" but not "always." It's really surprising how many stocks open on a large gap on these flat days. On average, these days have been working out well for me. Lately, the big gap days have opened, gone flat, then reversed hard....those have been very hard to trade.

Perhaps someone trading these on a discretionary basis could consider how far out the individual stock opened and look for a larger or smaller potential move, as appropriate. So, on a flat day, with say 0.7% bands, a stock opens at 0.71%. You get filled on this stock, and watching the futures, they are just chopping around. I'd be watching the tape carefully, and probably expecting a smaller move than say a stock which opened at 1.25% that day.

PM if you wouls like to exchange ideas..

I think the open discussion can help others following the thread. I followed the previous threads for a while and found the discussions very helpful. Hopefully, others can do the same.

astocktr8r · Aug 13, 2003

It's been a tough market but I am still doing o.k. on my openings. Being so flat I have lowered my envelopes to .7 and out of about 40 stocks I have on my list I have been getting an average of 6 to 7 fills a day. Not making a lot of money on them but have had only one losing day so far this month with the strategy. Average gain of 0.06 per share after all said and done. I know I could do better by using wider stops but I'd rather have a lot of base hits than swinging for the fences.

Don Bright · Aug 13, 2003

Yeah, we're going as flat as .5 or .6.....and DavidN is right, you can make come consistent $$ on these flat days, with little risk.

(Blatant Plug Coming). We will be showing off some of the latest and greatest opening programs at the Professional Trading Tour..August 23/24.....only $49 to my ET friends (and O777 too. lol).

Don