ES Journal Archive (2009 - 2010)

[volente_00]

Quote from Lawrence Chan:

wave,

I have my 1080 booked.

I see 1150 in play but so is 900.

Any input?

2 million spy puts open from 115 to 120


reckon those were a hedge ?


200 million shares of spy under control.




The 117 puts were trading .70 on monday and now they are 5.00 and almost double intraday.

 

[volente_00]

Quote from Buy1Sell2:

This is why you need close enough stops to risk less than 2 percent of TLNW on any one trade/idea

How would those 100 point stops you advocate worked for you today ?

 

[volente_00]

If this was indeed a emini fat finger, are there not individual position limits on the firm?

 

[Eko_Trader]

Quote from volente_00:

If this was indeed a emini fat finger, are there not individual position limits on the firm?

Cmon, we all know this aint no fat finger. I'm almost sure this was somebody showing what they can do. Take your pick

 

[volente_00]

interesting



first correction was 6 %


second was 9%


And now this one went 12 %.

 

[tstones]

the key is where the order rests. globex supports native stop limit order, but not stop market order. so your stop limit order rests there, and once the stop price hit, your order is entered into the book as a limit order -- all done locally. Wheres stop order sits on IB servers, only after IB sees a quote of the stop price, it sends a market order to the exchange. so at least you save the network delay.

I have no idea to your original question though, was not in the market.

Quote from newguy05:

dont mean to derail, but are you saying to use "STP LMT" instead of "STP" for stoploss because "STP" is saved in IB and only get converted to market order when IB "feels" like it.

While "STP LMT" is queued in the exchange as soon as you submit?

are you sure about this? because according to IB help, even STP LMT are only activated after the stop price is hit not at the time of submission.



Thanks

 

[tstones]

that's not my understanding. for CL maybe. but CME does support native stop limit order.

Quote from schizo:

Don't mean to intrude, but yes, IB will hold on to your order until the trigger price is hit. Only then will it submit a LIMIT order.

 

[jkweeden]

its Christmas in May!!! Its time to buy those deflated SPX call options!

 

[Chuck Krug]

Quote from millionaire7:

What happened that day.

april 4, 2000
i remember that day. there were no bids for what seemed like ages. probably only a couple of minutes in reality. market tanked hard untill buyers stepped in and started buying agressively.
i remember i just sat there and looked at the prices and didn't know what to do. (i had no positions though)

 

[newguy05]

Quote from tstones:

the key is where the order rests. globex supports native stop limit order, but not stop market order. so your stop limit order rests there, and once the stop price hit, your order is entered into the book as a limit order -- all done locally. Wheres stop order sits on IB servers, only after IB sees a quote of the stop price, it sends a market order to the exchange. so at least you save the network delay.

I have no idea to your original question though, was not in the market.

thanks that's exactly what i was wondering, i am using the IB java api in my system, it will place a stoploss x pts away the same time it opens a trade. Definitely want the stoploss to be transmitted to the exchange at submission, noway do i want open position and stop loss to be residing on 2 different locations, with stoploss not natively queued in the exchange. In situations like today, my whole system would just blow up - i am certain IB couldnt convert the stoploss to market order and send it to the exchange correctly during the crash, hell even their quotes were out...

anyway i will dig further to confirm ib transmits stop limit orders to cme, dont want to derail this thread anymore, thanks again!