ES Journal Archive (2006 - 2008)

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Quote from optioncoach:

Can you create what you are looking for with a buy stop limit order?

For example you can do a BUY STOP Limit with a limit of 1469 and limit of 1467. Your order would not trigger until ES traded at 1469 and then you would not get filled unless you got 1467 or better. So you can use the BUY STOP LIMIT to wake up the order, so to speak and then give a limit in the area where you would go long. Would this work for you?
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Buy stop or sell stop orders are used only when I'm expecting a breakout or a breakdown, respectively. For example, suppose the ES is currently trading at 1467 and there's a heavy resistance at 1468, I will consider placing a stop limit order at 1468 with the trigger set at 1469. This way I will catch the rally as it pulls back to the breakout point. MIT orders, on the other hand, are used when I believe the market is about to reverse. In the previous example, if the momentum leading up to the resistance at 1468 is remarkably weak, especially if it's a double-top pattern, I would whip out a MIT order in no time.

I hope that helps.
 
I should also add that the problem with all limit orders is that they're no good unless they're hit and filled. That was what I was arguing about in the earlier post. What I was looking for was a way to get filled at the "next best" price, within a certain predefined range, should the price remain above or below the limit. For instance, many times I would place a sell limit order at, say, 1468 and the price comes up to 1468 but retraces back down before my order gets filled. With the "next best price execution", it would fill my order at 1467 or better (depending on whatever offset value you choose) if it can't fill my order within 30-seconds (again, whatever time value you choose) after reaching 1468...or something to that effect.

Are you paying attention, IB???
 
Quote from saliva:

I should also add that the problem with all limit orders is that they're no good unless they're hit and filled. That was what I was arguing about in the earlier post. What I was looking for was a way to get filled at the "next best" price, within a certain predefined range, should the price remain above or below the limit. For instance, many times I would place a sell limit order at, say, 1468 and the price comes up to 1468 but retraces back down before my order gets filled. With the "next best price execution", it would fill my order at 1467 or better (depending on whatever offset value you choose) if it can't fill my order within 30-seconds (again, whatever time value you choose) after reaching 1468...or something to that effect.

Are you paying attention, IB???
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The answer to your question is in your post.
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While I highly recommend the use of limit orders, I only use them in the direction of the trend, and they are placed below the current price for sells, and above the current price for buys.

This gives me automatic execution at the best price (boy gotta love that NinjaTrader!).
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When limit orders are used in an attempt to catch anticpated highs or lows, they need to be traded through to get filled. If a lot of other traders are watching the same thing, that might not happen. One solution might be to place limit sells at the bottom of a multiple of the ATR for ES, or at the top for Buys ... a nice range might be +/-1 to 2pts.

Good trading,

Jimmy Jam
 
Quote from saliva:

Which is better? Ninja or the Button Trader? Too many choices, not enough time! :mad:
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Button is better, and cheaper (IMHO), but I don't trade with IB, so Ninja's good enough for me! (working on 2nd Red Stripe).

JJ

P.S. Just gave it a once over to review, Button is pretty much state-of-the-art for the retail trader, well worth the learning curve.
 
Quote from osorico:

May be an interesting rollover day with many opps to capitalize...

ES (and YM for that matter) are slated (as of 11:30pm EST anyway) to open within the unfilled gap zone remaining from 9/5/07. New same/similar priced "Z" positions can be put on, filling the gap in the process. 10 ES handles or so (100 YM pts or so) up and/or down from there and "U" positions can be flattened. Well within current trading ranges... The premium is washed and the gap is filled.

Osorico
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great observation Oso.....these very things tend to happen on rollover day more often than not.....very easy way to strip premium while establishing a lo risk position.....many traders i know don`t trade rollover for a few sessions just becasue of these very tricks but one can capitalize if one knows what to expect or the possibility of it unfolding.
 
Osorico, you totally lost me. I don't see a gap on Sep 5, and I don't understand how contract rollover creates an opportunity.

Any idea what the excuse is for this morning's runup in price? :confused:
 
Quote from volente_00:

Long live the 3 am reversal


:)
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The difference is in timeframe perspective. I see no reversal, only a continuation of uptrend following a bit of pullback.
 
Market orders or MIT are the only orders that should be used. In an effort to control the market's slippage, one generally loses more by messing around with limit orders.
 
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