Zero fills today, I put in a 1.0 envelope and modified my HD to reflect the opening indication....too bad, "woulda" made money. Good job Dustin.... Back at it tomorrow.... Don
Got +.01 on BLS. (long) Held it for about 15min.. decided to jump ship whan it came back to my buy point. FOX (short) +.30, had the buy order in ahead of time, and it finally hit. Can't complain.
TONY WHY DID YOU GET OUT OF FOX??????????? for only .30 Looking at the tape Yout got filled at 22.9 right? market negative.... The offer immeadiately goes to 22.85 x 22.86 1x 34 so you are sitting pretty with an offer negative market... and nice size offer on a small stock it then goes to 22.84 to 22.85 1x 155 There are some serious sellers and you are short the HOD it drops to 22.75 to 22.85 1 x 136 and 200 shares or so go of at 22.80 and 22.75 It goes to 22.75 x 22.80 5x13 meaning somebody pennied the offer that had 13,600 shares 6800 shares traded at 22.75 than the bid drops to 22.60 x 22.66 with it 1x103 seeing 10,000 shares on the offer on a thin stock ...you probably can lower your bid!!!!!!!!! some of the offer disappears about .08 seconds later at 22.66 so it is soon 22.6 x 22.66 1 x 49 it prints .60 which I imagine was you....???? WHY did you get out with such a huge gap? market negative? and huge offer? than it is 22.6 by 22.61 5 x 63 at 9:45:25 than 1500 go offer at .60 soon the bid is 22.55 x 22.6 2x100 1400 go off at .55 (offer still there and negative market) than about 3600 go offer @ 22.5 it's now 22.45 x 22.51 10x 10 this is the first time there is no imbalance showing on the offers!!! at 9:47:50 it it prints 700 @ .51 so I can understand getting out here.........but there have still been some huge offers... there are some prints again at .51 but than the offer steps up again.... soon it goes to 22.4 x 22.51 5x32 than than it prints a little bit soon it's at 22.4 x 22.41 9 x 100 10,000 go off at 30 as everyone dropped their bid when size came up and another offer steps in... 22.25 x 22.31 7 x100 soon it goes to 22.16 with 22.17 1x 154 the offer drops again 22.10 and 22.17 10x 148 800 shares go off at 22.10 the bid bid drops to 22.05 and it's 1x92 it prints a lot at 22.05 and some at 22.06 than up prints. It has filled in the gap now and is a high probability to get rid of most of your position.. why did you only take .30 when you look at time and sales of the trades? It never showed any signs of going against you for .80. Huge offers to rest on all the way down. Robert
Robert, Thanks for the excellent dissection of a FOX trade. Not many people can read the tape as well as you. Question... I would have thought that 10-15k shares on the offer near the open (when there is a lot of liquidity) is nothing in a stock that averages about a million shares traded per day. But you put a lot of significance in it. As a futures guy myself I don't know how to judge these things. Do you know it is significant because of experience with FOX? Or how do you decide it? Also, you mentioned you use hotkeys on the opens to exit your 15-40 positions several at a time. You must not be doing such detailed tape reading on individual trades in real time on all your opening trades. You tape read the futures in this case? I think Tony had in his .30 "slingshot" profit-taking limit order. Do you think these are a bad idea generally, or just in this case in FOX?
Geez, Robert, lighten up on the guy.... lol Good points however....an obvious seller in a down market.... 30 cents is ok, but "more is better".... Don
Ok I just added up Time and Sales for when Tony did his slingshot order About 75,000 shares had traded and when 10,000 is sitting on the offer that's more than 10% of the total volume for the day.... THAT MEANS SOMETHING. I think in general they are good, but with some experience a RED market, Huge offers coming in ........why would you settle for only .30 when it's obvious there is a lot of selling pressure. On 2nd part of your question Yep I use hotkeys and generally read futures. It depends on what market is doing overall and my P&L on each position is doing. When you only have 1 or 2 stocks it's easy to read the prints. Not possible with 30 positions. Strong gap up days with action I do one thing Strong down gap days I do another Sideways no action I do something completely different. Today was a lot of selling pressure. Hey we have curbs in.
Don take a look at the time and sales for FOX or even a one minute chart, Not a single green print in the one minute and when you study time and sales and the bid/ask I have to question what did Tony see that got him out? I couldn't find a single reason ..... other than a fear of losing what he had already made. Yet he fear was unjustified from what the tape printed and bid /offered showed. Nobody goes over all the prints and this I thought would be a great example. Robert
Good example Robert....I was just "yanking your chain".... To everyone....when you only have a couple of trades on, you should be able to watch the them closely and objectively to maximize profits. The "slingshot" order is usually cancelled when you see the market tumbling as in the FOX example above. Robert, did you get a new version of the Pro article done yet for DTUSA?? If so, send me a copy please... Don