Hi Traders, only one fill long because i don´t can send sell limit opg order because the market open. +0.10 good weekend!!
One Fill Long -.16 first time I turn a winner into a bigger loser, tried to avg down and it was a big mistake... Won't try that again until I'm more experienced.
I used .4 He had some news regarding FDA extending a review 3 months, which I didn't figure was too significant. Opened down only 15 cents but got creamed immediately for almost a dollar. Snapped back pretty quickly though and I only took a 16 cent hit.
Just a comment. When the market is opening up 4 or 5 S&P points, it's a good idea to have a wider buy envelope, and a more narrow sell envelope. I used .65 buy, and .3 sell, for example. Just my personal method. Don
I do that, in a way. I have my spreadsheet override the envelope and adjust my bids to ensure that I don't have any buys above the prior day's close. While I miss out on some opportunities that happen to work, I just prefer not to buy a stock opening up. And depending on the expected gap, I will reduce my sell envelope. Of course today it didn't help with WYE It would be interesting to see if anyone has stats on buying a gap up if its "not up as much as it should be".
I never skew my envelopes. My buy and sell levels are the same irregardless of how much the market is gapping. To me skewing your envelopes is akin to making a bet on what's going to happen after the open. I try to remove as much guesswork as I can and be ambivalent as to direction.
Has anyone experimented with "No" envelope? In other words, you enter buys .01 below prev close and shorts .01 above prev close.