Opening Order Question

J

joer

Greetings

Please assist me in my knowledge growth if you can. I traded market order at 10min before open today for VVUS. It filled at the price of $30.33 (100 shares) 0.3 less then the official Nasdaq opening price. TD Ameritrade doesn't have an office MOO order so that is their version of that I guess.

Scenario: If I would have put a limit order trigger in after the fill to sell at $30.50, and the time and sales information 'would' have showed that sale (time & sales) of $30.50 for 100 shares two minutes later, would I have been 'guranteed' that fill price? I'm trying to understand the limit order dynamics.

Thanks in Advance.
 
If I understand well... You bought 100 shares with a market order and got a fill at 30.30. The after that you place a limit order to sell at 30.50. If you see a 100 shares at 30.50 it does not mean that they where yours. When you place your order it is placed into a first in first out queue so you can see prints at 30.50 without being filled. But if you have a limit at 30.50 you will get that price or better, not lower unless you place a market if touched.
 
Quote from total_keops:

If I understand well... You bought 100 shares with a market order and got a fill at 30.30. The after that you place a limit order to sell at 30.50. If you see a 100 shares at 30.50 it does not mean that they where yours. When you place your order it is placed into a first in first out queue so you can see prints at 30.50 without being filled. But if you have a limit at 30.50 you will get that price or better, not lower unless you place a market if touched.
More...

Exactly what I was looking for Total_Keops


I'm trying to verify a market on open strategy wherein I purchased said 100 shares at market on open that (once filled) would automatically trigger the limit order to sell $0.50 cents above the purchase. Because within the first few minutes the time/sales information is so crazy, I was curious if it ever hit's that 30.50 even once, I would be guaranteed that price on a limit order.
 
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