Don's Openings Pt. 2
- Thread starter Don Bright
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and I'd rather ask it here than in front of Bob later today...lol!
RE> I sold LEH on the opening, he went down, showed a .62 cent bid. I went in at .64 bid...and went about my business of closing other stocks. He printed .64 (several thousand shares worth)...he offered stock at .71. Well, I didn't get filled at .64, so I try to take out the offer at .71, assuming "no problem" I'll pay up, make a small amount on LEH. 2 minutes later, he goes .71 - .90 , no fill. Then he runs it up another 65 cents!!! Turning my $1400 profit into a loss. Well I waited for the market to turn around (he was past his 1 std. deviation for the day, so I waited). He came back down and I ended up losing a little on LEH, but making the $840 overall
TO sumarize so I'm clear on what happend you went <short> LEH at a fill of .62 and the specialist ran it to .64 , you then hit the offer at ,71 and he ran it to .90 right away, you saw the deviation so you waited ......it retraced back down .....you covered for a small loss....did I get that right? I appologize if this is a stupid question BUT I'd rather ask these questions NOW before I start trading for real $$$$$.
BTW - I would be pleased as punch with a positive $840.00 on the morning OO, you haven't has a losing opening this week if I'm correct! Thats just excellant in my opinion!
good trading all....
mrktwiz
RE> I sold LEH on the opening, he went down, showed a .62 cent bid. I went in at .64 bid...and went about my business of closing other stocks. He printed .64 (several thousand shares worth)...he offered stock at .71. Well, I didn't get filled at .64, so I try to take out the offer at .71, assuming "no problem" I'll pay up, make a small amount on LEH. 2 minutes later, he goes .71 - .90 , no fill. Then he runs it up another 65 cents!!! Turning my $1400 profit into a loss. Well I waited for the market to turn around (he was past his 1 std. deviation for the day, so I waited). He came back down and I ended up losing a little on LEH, but making the $840 overall
TO sumarize so I'm clear on what happend you went <short> LEH at a fill of .62 and the specialist ran it to .64 , you then hit the offer at ,71 and he ran it to .90 right away, you saw the deviation so you waited ......it retraced back down .....you covered for a small loss....did I get that right? I appologize if this is a stupid question BUT I'd rather ask these questions NOW before I start trading for real $$$$$.
BTW - I would be pleased as punch with a positive $840.00 on the morning OO, you haven't has a losing opening this week if I'm correct! Thats just excellant in my opinion!
good trading all....
mrktwiz
You got it pretty close...I'll show you on my Redi machine today...come in a bit early...
Don
Good job!! If you can average only .25 cents per day, you can make $100K/yr.
I know we just try to cover the 'learning curve" with the opening strategy, but we have many making good money overall with it..
Don
Don,
LEH did the exact same thing to me last month on a triple witch friday- exactly. What I've done since is put in only half the usual size for this stock and am ready to send a short order for the other half if I see him gap the offer up like that again.
This is asuming no news and that the xbd isn't gapping up too. I've seen him do this before and it seems like a big shake out attempt before he brings it back down.
I haven't been filled on LEH in a while though, so I can't say how this would work. Comments?
Corey
LEH did the exact same thing to me last month on a triple witch friday- exactly. What I've done since is put in only half the usual size for this stock and am ready to send a short order for the other half if I see him gap the offer up like that again.
This is asuming no news and that the xbd isn't gapping up too. I've seen him do this before and it seems like a big shake out attempt before he brings it back down.
I haven't been filled on LEH in a while though, so I can't say how this would work. Comments?
Corey
my brokerage does not allow OO orders. besides changing brokers, is there any way i can use a variation of this method using its principles?
thanks
thanks
No, since the primary benefit is being on the same side as the specialist during the single best trade of the day. You gotta change brokers.
"My Doctor is lousy, what can I do besides change Doctors?" (you get my point).. If you're retail, check IB, or go all the way and join a professional firm..
Don
Only filled on two. I simply scratched GE, since it did not participate in the initial sell off (good thing I did).
Made $350 on BMY....pretty basic..
How's everyone else doing this morning??
Don
Made $350 on BMY....pretty basic..
How's everyone else doing this morning??
Don
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