rtharp - funny how you weren't complaining when Don was generous to offer the OO strategy way back when - now you're pissed because others on this thread are interested. Not for nothing - given all the stocks out there, and the fact that not everyone here plays 2000 shares at a time, and certainly not everyone is even in the same stocks, do you really think the small number of people here are going to make a difference in your trading? I would tend to disagree. Geez - i thought this was a place to share ideas - all we get from you is how much you make or lose. I'm not sure what benefit that is to others here, other then to capture their interest on something - so forgive them for being interested, or stop dangling a carrot. Just my 2 cents
I asked this when I went to Echotrade's seminar. You can put in an order on the open, but you can't use an opening only order. I believe the problem is that you might get filled after the open, and that fill may occur as the stock is going in the wrong direction.
Things have changed since then. As I understand it they now offer real opening only orders, meaning if you are not filled on the first print, the order cancels automatically.
I find it amusing that this thread completely dries up after rtharp remarks that sharing strategies may be detrimental to their effectiveness. I for one don't do OO orders but I did enjoy reading about other people's experiences.
The fact that we just came off a weekend and that Don is away probably has something to do with it. I was surprised to only get one fill today. Scratched it, lost commissions.
haven't posted the last couple of days because profits have been pretty small, although haven't had a losing day either. Today, a little different. +22 +20 +37 +22 + 11 -3 +9. 6 winners on 7 fills, 4 short 3 long (nice when they are mixed like that) Netted $1.18 - best OO day for me since starting.
beautiful OPG trade in WYE today. Had a block trade at the open of 193700 shares for $59.20 (yesterday close = $57.39). Sold off straight line thereafter to a low of $57.42. Anyone has a clue what the MM was doing ? I would feel pretty "ripped off" as a buyer of the stock. Oliver
Perfect example of why oo's work. Probably an institution with a large buy order on the open. They know they are going to pay up for the stock, but what's a buck or two when you are looking for bigger moves over longer term inside a fund? The specialist knew where the realy buyers and sellers would meet and was probably happy to accomodate the buyer by selling the stock short in his own account.