Why cant I get a fill on SIRI?

Discussion in 'Order Execution' started by londonkid, May 7, 2012.

  1. londonkid

    londonkid

    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.
     
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  2. 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 :).
     
  3. Bob111

    Bob111

  4. londonkid

    londonkid

    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?