How does Bright's Opening-Order strategy work?

Discussion in 'Trading' started by nravo, Aug 8, 2008.

  1. nravo

    nravo

    I place a limit OO order, just under the last close and then what? Scalp? Have a similar OO limit order a tic away on the opposite side of the trade in a separate account?
     
  2. Mr. Bright has a fortune teller on site at all times. in the morning they utilize the firms weagy board. i stopped by to open an account and the fortune teller told me i had 6 months to live. i then opened an accound and she gave me another year.
     
  3. seriously,its a strategy that Don use used for a while and from what i hear it works quite well. i'd like to learn more as well.
     
  4. LOL!

    Is that the board that competes with the Ouiji board?

    Christ, that has the be the worst spelling mistake I've ever seen.
     
  5. nravo

    nravo

    Let's say I want to do 1000 GE; I place a buy market on open (MOO) combined with an OPG for the time? On a NYSE stock, will that guarantee me either the opening print or no fill? That easy?

    I simultaneously place a sell 1000 GE LOO orders a couple of ticks higher? Or just a limit order and shut down the trade if only one leg is hit within a few seconds.

    Is this basically it?
     
  6. Not really...by placing a MOO order vs. a Limit price, you will simply either buy or sell at the opening price, which you may not even want to do. We only want to be involved in the trade if the Specialist gaps the stuck away from our estimated opening price. By being on the same side, long or short, as the Specialist, we rely on him making money and us along with it.

    If a stocks simply opens flat, we want no part of it, no edge, no need to be involved.

    All the best,

    Don
     
  7. nravo

    nravo

    Well, using IB's various trade entry options, I can't see how this can be done. Can you? Is this not a retail strategy?
     
  8. I'm told it "can" be done at IB, not most retail shops. Of course, it depends on buying power. For example, I enter 2000 - 4000 shares of buys and short sells on about 40 stocks, usually getting filled on about 4 or 5. This is the beauty of it, you don't get all the "noise" from stocks opening near their expected opening price.

    Check with your IB contact for details.

    Don
     
    #10     Aug 12, 2008