Swing, try the nyse marketrac site There you can type the ticker, and it will give you the other stocks that are traded in the same post. i.e. same specilist http://marketrac.nyse.com/mt/index.html
Sure, it's called enveloping, and I do it all day. It's hard to do with more than 2 or 3 stocks, because you are always adjusting bids/offers. I just sit x cents below the bid/ above the offer. When he moves the bid/offer up or down a couple pennies, I cange my order by the same amount. If he needs to sweep the book to get the shares he needs to do a big print, and your order is in between the last trade and the block price, you get the price of that trade- price improvement. I'm always changing my prices because I only want to be filled on a gap. If the price keeps going beyond where I got filled, I immediately stop out. This works good on slow, choppy days when there's not much momentum. I don't put my prices in new high/new low territory. It can be boring, you can sit there all day and only get filled a handfull of times. It depends on the stock and how it's trading that day how far out to place your orders. I've seen it done with IBM 15 cents out and the stock I trade, I go 8 or 9. I'd say 80-90% of the time, the price retraces most of the way. Don call these moves 'trade throughs'. If you have a filter to catch the big ones, you could just jump in and try to catch some of the move back. I was short HIG one time and the guy popped the stock up 75 cents in one print, almost stopped my heart. But I bought more bullets and hit him and did pretty well on the trade. Corey
Thanks for the info, I really appreciate it. I primarily daytrade a rather thin stock and am getting to know the specialist, and I like his consistency. Therefore I thought I'd take a look at his other stocks, either to trade outright or for a possible pair. Swing (a misnomer, I'm actually a scalper)
Me, poker? Sorry, I'm not your man. If I'm ever invited to play poker, I'll just send in Bob Bright as my proxy. Even if I only keep only 1% of his winnings, I'll be rich Seriously though, I am the ONLY person I know whose real first name on their BIRTH CERTIFICATE is Cash. I have heard rumors of others, but nothing verifiable. So, if you have the inside scoop on someone, let me know. Maybe we could form a Cash club. I know they have "Jim Smith" clubs and things like that.
Thanks for the excellent info Lescor! So if you get filled for 15 cents outside the bid/offer, would you try to cover for a 7 cent profit right away, or would you look to work it a bit more? I know that a lot of pair traders like this strategy so that they can "lean" on the other stock if necessary until things get back in line and then cover their profit, but it'd be nice if you didn't have to trade the pair all the time.
Sorry ....;-) I read once about (I thought??) a current or former Bright trader who once won the Binions World series of Poker.....actually that was when I started researching Bright trading....as far as envelope trading goes, we discussed this in calss with Don, he does call it a "trade through" and <he> felt it was another strategy that will work well <enough> for these tough trading times.....sorry again for the confusion Cash, but WHAT A NAME FOR a trader!!!! lol Good trading all... mrktwiz
After a long fill, I'll step in front of the current bid by a penny or two and wait. But that little pop up in price will sometimes attract some buyers who are thinking it's the start of a little momentum move and they'll want to be inside bid so I get pennied. Sometimes the offer will come down right away and you can hit it, but if you are patient, the price usually comes back to the range it was in before the gap. But it depends on the stock. The one I trade is pretty slow and predictable. A stock like MMM or LLL moves pretty wildly, so you might work things differently.