What you are saying about marketable limit orders at the open is what usually happens. That is why I was so surprised at what actually happened on one of my orders. It was a sell limit marked GTC and RTH-only. The market opened and traded well above my price, but I got filled at my price which may also have been the low of the day. I guessing that the specialist cleared all his buy orders at the open, then filled me out of inventory. I called my broker and was told it was all allowed. Regarding the partial fill, I believe you are correct. The open equalled my limit price. [rwk]
Please double check your NYSE opening price. That might help. If i had a nickel for everytime I offered this explanation... But don't feel bad I had people with 5 year day trading market experience asking me that.
In my opinion, the opening cross at Nasdaq is still a work in progress. Most data vendors take the first trade after 9:30 Eastern as the 'open'. Whether you get filled depends on how many shares are bid for, at what price, and on which ECN. Nasdaq can trade through your price depending on how your order is routed. [rwk]
Thanks Don! It is evident the OP does not have a funded trading account or the ability to tell the truth. I am done responding to this thread. el surdo sambista
no, no guarantee if there is not enough depth of market...but yes...MUST be executed at the limit price...
I hope I am not overposting on this thread. I do most of my trading these days on NYSE and much of that is at the open and close. Order handling is very important to me, and I am always receptive to learning something I did not know. I realize now that there are important facts that I overlooked in my earlier posts. As Surdo implied, there are important details about the trade and the trader that have not been spelled out. If the order was not marked regular trading hours (RTH) only, and especially if the broker was given discretion on routing, the order could have been simply posted as a bid on Island. In that case, the specialist wouldn't have seen it. And as Don implied, the open price reported by the data services is not necessarily the official open. Most data services simply report the first trade after 9:30 as the open. The "real" open is often very different. My apologies if I mislead anyone. [rwk]
rwk, no your not over posting this thread. I'm learning a lot as we go. OKAY...sorry this takes a while for me to understand. So... I can understand that if it was sent to island then the specialist never saw it. So in order to be asured that you'll get in on the open you have to route to NYSE correct? routing to any other ECN will not guarantee a fill. correct?