IB buying on the open?

J

just21

I tried to buy the euorstoxx50 future on the open. The size for a couple of minutes was trading 1X1 before normal size appeared. What is happeniing on the open and how do you buy or sell the gap opening? I tried a market order but that didn't transmit from IB and a limit order that didn't fill. Have I got to send an opening only order? thanks
 
You did not try to buy the open, what you saw, was the pre-opening.

Since 1.7.2003 IB distributes the "ticks" of the pre-opening phase on Eurex.

The trading day on Eurex starts with the pre-trading phase: participants may enter and change orders, but no market data are shown.

Then starts the pre-opening phase: participants may enter and change orders as above, but are shown the potential opening price resulting from netting the current buy- sell orders. These potential open prices are the "ticks" you see, bid / ask have a size of 1 each and the last trade size is 0.

A freezing period follows and then regular trading starts, where buy- and sell orders are actually matched.

I do not know, whether IB accepts orders from retail traders during pre-opening, never tried it.

Eurex offers a nice brochure "Eurex-trading" explaining all these things. Just look up their homepage www.eurexchange.com.

Regards

Bernd Kuerbs
 
Quote from just21:

I tried to buy the euorstoxx50 future on the open. The size for a couple of minutes was trading 1X1 before normal size appeared. What is happeniing on the open and how do you buy or sell the gap opening? I tried a market order but that didn't transmit from IB and a limit order that didn't fill. Have I got to send an opening only order? thanks
More...

I was selling at the open, down to DAX hitting 3400, volume was large u could have bought off me !
 
It is mucking the charts up and going to confuse people backtesting data. I am charting the data from IB, do charts from vendors using the quote vendor feed get these spikes?
 
Volume was tellin me the Dax was heading to 3400... too close to that support level at the open not to be hit on a monday morning!... sold DAX, FTSE and E50's... down until Dax hit 4300... closed all positions... then I was a buyer of DAX only... and I got out at 4312 !... look at it now!... looking to sell at 3448... i.e fri close
 
Quote from just21:

Are you looking at the time and sales of every trade?
More...

yup... trading the indexes off each other... DAX, FTSE, CAC and E50... think I manged to get 25% of the move... did u eventually trade the GAP ?
 
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