Hey I was wondering if any traders can help me out. I trade momentum nasdaq stocks but thought I would have a play around today trying to capture the spread on SIRI. It looks like everyone else is doing it! lol. Have attached a 1min chart of this lunchtime's price action where price stayed between 2.11 & 2.12 for the best part of 90 mins. I was just trying to get filled on a limit order buy 2.11 and sell 2.12, capture the spread and the rebates from the limit orders. routed through BATS, it was easy to get filled on one side but I couldn't get filled on the other side. Now I am guessing the reason why I am not getting filled is that either I am using the wrong order route or I am never at the front of the queue (or both!). So can any smart traders advise me how people are doing this? Thanks in advance londonkid.
Everyone else is doing it. You should wait in the list after all the hft algos and manual traders. You will only get fills if you´re in the wrong side of the market. The good routes have their queue too, so dont expect a lot of fills there either .
http://www.elitetrader.com/vb/showthread.php?s=&threadid=241938&perpage=6&pagenumber=6 http://www.elitetrader.com/vb/showthread.php?s=&threadid=241564
thanks for the replies. I am starting to think I might be better off combining small direction plays or range plays with rebate capture. i.e. trying to catch 2 or 3c moves with limit orders going with the flow. What you reckon?