Why cant I get a fill on SIRI?

L

londonkid

Hey

I was wondering if any traders can help me out. I trade momentum nasdaq stocks but thought I would have a play around today trying to capture the spread on SIRI. It looks like everyone else is doing it! lol. Have attached a 1min chart of this lunchtime's price action where price stayed between 2.11 & 2.12 for the best part of 90 mins.

I was just trying to get filled on a limit order buy 2.11 and sell 2.12, capture the spread and the rebates from the limit orders. routed through BATS, it was easy to get filled on one side but I couldn't get filled on the other side.

Now I am guessing the reason why I am not getting filled is that either I am using the wrong order route or I am never at the front of the queue (or both!).

So can any smart traders advise me how people are doing this?

Thanks in advance

londonkid.
 

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Everyone else is doing it. You should wait in the list after all the hft algos and manual traders. You will only get fills if you´re in the wrong side of the market.
The good routes have their queue too, so dont expect a lot of fills there either :).
 
thanks for the replies. I am starting to think I might be better off combining small direction plays or range plays with rebate capture. i.e. trying to catch 2 or 3c moves with limit orders going with the flow.

What you reckon?
 
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