if your order is filled on the open you will be filled at the opening price... all opening orders are limit orders with time in force as opening only (OPG)... the exception to this is when you are arbing and a fill is required and in this instance you use market orders with time in force as (DAY)
i do trade the oil service and oil retailers on the opening... however i aleays look a the days price action in the oil futures pre open... i seem to have the most luck buying when oil is lower in the am... when oil is screaming up i pull all my oil related orders
It's not the "limit" that is dangerous, it's using a "day" order instead of "opening only" order. If you had a sell short limit order at 34.08, and the stock opened at 34.07, you want to be "out" (which you would be with an opening only order), so that you don't end up short later in the morning. Slow Wednesday, 2 fills +$200. Happy Thanksgiving to everyone!! Don
WOOT I BEAT DON!!! 4 fills/1000 shares each +$380, 3 winners/1 loser couldnt sell KO while i still had a profit and ended up losing $40 on it. Greed factor kicked in on that one and i ended up losing 9 pennies trying to save 1 penny. HA HA.
Nothing wrong with trading oil stocks on the open, just realize that they are more correlated to crude than the S&P futures, which is likely what you are using to figure your fair value. If you are filled in one, key off the OIH, not the spoos. Secondly, 100 shares of AHC is nothing like 100 of DIS. I know you're learning, but $130/shr oil stock is probably not the best thing to practice on. Just my 2 cents.
7 fills. 1 long 6 short. Winners: BR, CCU, LEN, PPL, SOV Loser: FCX Scratch: VC Lost 40 cents on FCX, Hedged with 500 shares of PD... Made 18$ net on that pair... What do you guys do with your crap fills? $79 net on 2600 shares total. (100 shares each, except for the PD hedge of 500 shares...) gobble gobble. mnx
7 fills / 1000 shares each 6 short / 1 long +960.00 - .75 / + .75 % got out pretty quick today...didn't want to caught in thin trading... first time trading the day after thanksgiving.... i'll know better for next time.... have a great weekend folks...