Using Stop or StopLimit for your stop loss orders in CME

[topdog]

Do you know is in CME/Globex any difference in filling priorities if you are implementing your stop loss orders as
a) Stop order
b) Stop Limit order with a wide limit price

Price bands are given in the Globex Product Reference. For example you can have 6.00 point price band in the ES futures.

btw. I understand that in case B there is a possibility to miss the fill but it's an another question

 

[tradeking007yahoo]

stop should be faster than the stop limit. your limit could be jumped also. fills arent that bad with just stops

 

[tradeking007yahoo]

https://www.cmegroup.com/confluence/display/EPICSANDBOX/iLink+Order+Types

 

[topdog]

stop should be faster than the stop limit. your limit could be jumped also. fills arent that bad with just stops

What makes you think stops SHOULD be faster ? What is the logic ?

 

[topdog]

https://www.cmegroup.com/confluence/display/EPICSANDBOX/iLink+Order+Types

I am familar with that document so what is your point ?

I think this is more a question of how the queues are priorized OR is a STOP and STOP which will be converted into a LIMIT order on the same priority and it's all about FIFO ie. timestamps ?

 

[tradeking007yahoo]

WTF is wrong with you! i dont owe you shit.

 

[topdog]

WTF is wrong with you! i dont owe you shit.

Excuse me ?!?
Can you please behave ?

 

[treeman]

What makes you think stops SHOULD be faster ? What is the logic ?

You don't jump in a queue. It's a flat dump at the current ask or bid (depending on direction of the stop)

 

[topdog]

You don't jump in a queue. It's a flat dump at the current ask or bid (depending on direction of the stop)

Thank you very much for your reply.

Yes that is FIFO. Used in queues but I was just thinking that stop orders may be in another queue than stoplimit orders and then which one has better priority... the more I think the situation I feel there is only 1 queue and all different kind of orders are in it and they are prosessed on the FIFO basis.

But maybe it's better to ask this directly from CME support so we don't have to guess things

 

[treeman]

You don’t enter the queue for the limit until your stop is hit. That means you’re behind everyone who just had a limit as they were already queued up before your stop hit. Stop limits, I find to be a crummy product. There’s no guarantee my limit price will ever hit. I’ve woken up a time or two with some big negative numbers I wasn’t expecting because of this product. I’ll never use it again. If I want out, market rate is just fine with me. Just get me out.