CL Redux

Yes I did LMT but right when it was hitting 79.16........what type of order I could use if I want to buy automatically once the price hit 79.17 from the downside to the upside.

I am done for the day, but will like to know since I missed because of that 13 ticks today and yesterday almost 50 ticks.

 

You use BookTrader or the order management page?

If you want to automatically enter once price touches 79.17 (assuming we're trading below - if we were trading above, it'd give you an error message), you'd enter either of these:

A Stop (market) order at 79.17 - then when price trades at 79.17 the pending order becomes a market order. This guarantees you a fill, but not a price - that is, you may get filled at .17; .18; .19 or .32. It's the same as a stop-loss order, only you use it to enter, not to exit.

A Stop Limit order at 79.17 with a positive or negative offset in tics (or points, or whatever). Here you give two prices: at 79.17 your stop order will become a limit order at that price plus/minus the offset you specified. For example, if your offset is +0.03 (or 3 tics), it will become a buy limit order at 79.20, so if the price is at or below .20 you will get filled. This type of order does not guarantee you a fill (the market may run away from you), but it avoids getting awful fills (see the trade-off?). A negative offset simply enters a limit order x tics below the bid (e.g. 79.17 [-0.02] will bid at 79.15); this is useful with contracts that tend to backfill or that have wider spreads.

http://www.interactivebrokers.com/en/software/tws/twsguide.htm

 

Thanks a lot!
Have a good weekend!

 

Anyone know if the nymex is opening early this sunday because of the storm? I know they did with the last hurricane that hit New Orleans

 

I don't think so, but I'm subscribe to the cme bulletin, so if they do (unlikely), I'll post it

 

That was the day my account got wiped, it was so over hyped and it was sold as "worse than Katrina" .............and then Oil just collapsed. :S............I will never going to forget that day. :S

It was July or August of 2008 if I am not mistaking.

 

Hurricane Ike hit on Sep 9th 2008, so after the July 147.9 crude high you were trying to buy cheap crude at $105 2 months later. hmmm trend was clearly down.

 

yessssssssssssssss!!!!!!!!!!!!!!!!!!!!! I was just straring back then and had a full time job besides trading. ...........now that I look back at it, it was a really stupid mistake :S

 

I was long ng on that weekend. Burned about 6 or 8k on that trade

 

I would like to personally thank you guys for removing those pesky "CL swing trade" thoughts forever from my mind :eek: