Trade of the Day

Discussion in 'Trading' started by cashonly, Mar 20, 2003.

  1. cashonly

    cashonly Bright Trading, LLC

    I was reading some of the comments to the thread "WOW!!!! Last few days have been a scalper's dream come true" and how when someone has a good day, a thread like that goes up.

    Well, I got to thinking how 'bout a "Trade of the day" thread.

    Here people could tell about a trade they consider to be a "trade of the day". But instead of just telling that it happened, tell us more:
    - What happened?
    - How it happened?
    - Why do YOU consider it a trade of the day?
    - What made it special?
    - What can other ET'ers learn from it?

    I'll start...
  2. cashonly

    cashonly Bright Trading, LLC

    OK, I gues I'd put this in the category of Order execution (as opposed to strategy or something else).

    I trade NYSE stocks and the other day, I got a sale that was at the high of the day.

    This is usually you only hear about from people selling systems :D and their system performance is always based on selling the high of the day. :p

    There was a pop, and then the futures started to level out. The specialist was showing an offer at .42 (I think that's where it was... this was the other day) and I wanted to get filled. But instead of putting my order out on DOT, I put it on ARCA. And I got filled.

    Moments later the specialist brought the offer in, and it didn't get back up there. Now here's the key thing. I was watching the ticker with the exchange field on. The specialist didn't print ANY stock at the price where I got filled! If I had put it out on NYSE, I would've been chasing it back down.

    So, what can be learned from this is to make use of those ECNs to get some fills. With all the games NYSE is playing with their prints and quotes, the ECNs are becoming a better and better way to go for NYSE.

    Anyone have a trade of the day that the rest of us ET'ers can learn from?