Moon Shot

Discussion in 'Trading' started by u130747, Nov 27, 2002.

  1. You gotta be quick or you'll get burned,
    I tried it once and that's how I learned!

    #11     Nov 27, 2002
  2. Be quick.... or be deeead
    #12     Nov 27, 2002
  3. onelot


    I had my buy stop right above the 30 high at 924.5 in the ES... got filled at 926.5!!! Before I could put in my sell stop my sell limit was hit 927.5. So overall I made money, but I definitely learned a lesson. No more stop markets on news. Stop limits would definitely be the way to go.

    BTW i wasn't playing that for the news... it did help though.

    #13     Nov 27, 2002
  4. 2 rules to swear by,

    1. Flat for economic reports
    2. Also have trailing stops and makesure you update them

    Today is a great example look at the spoos.

    Have a great Holiday all
    #14     Nov 27, 2002
  5. ddefina


    I agree, the native stop limit would have to be superior if used with a decent limit range. I wonder if you're put in the cue with the native limit stop orders? I would think you would be, with a very good chance of getting in ahead of the manual entry people.
    #15     Nov 27, 2002
  6. This is weird. There is a delay of more than 10 seconds between 924.5 and 926.5 ... either your connectivity or (more likely) your broker quotes/software is slow. Go with a broker that allows native stops.. every millisecond is worth $$ in fast-moving markets...
    #16     Nov 27, 2002
  7. onelot


    I use IB. When it happened it sure didn't seem like 10 seconds, but taking a look at the tick you are definitely right... it even went down to 924 before continuing. I know IB doesn't use native stops. However, I must say that I rarely experience slippage with their buy/sell stops. I'm guessing I was probably later on the queue than everyone else. Also, pre news bid/ask size was very light, which could also explain the lack of good price fill.

    Maybe when I move up to "twolots" I'll get a broker that does natives. Can't beat the comissos right now, though.

    #17     Nov 27, 2002
  8. Winston


    Senior Member

    Registered: Jun 2002
    Posts: 122

    11-27-02 10:28 AM
    Moon Shot
    Boy this feels like an old fashioned tech led moon shot!!!!


    Man the torpedoes and full speed ahead! That's what all the talking heads are saying, so I'd be looking for a big pullback/reversal.
    #18     Nov 27, 2002
  9. ddefina


    Onelot, IB does use native Stop Limits, but the market order stops are on IB's servers. It goes green when its accepted by Globex.
    #19     Nov 28, 2002
  10. onelot


    Exactly. I was refering to the stop markets. :)
    #20     Nov 28, 2002