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Strategies & Market Trends : Options
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To: Poet who wrote (7004)4/27/2000 5:47:00 PM
From: Cosmo Daisey  Read Replies (1) of 8096
 
Poet,
Day trading.
I watch the Island Book that lists the open limit orders and place my limit buy where the good volume is, usually a couple of points below market. The market comes to the volume. Once triggered I place a limit sell also where the volume is with my order a tennie under the majority of volume. You can tell when the pro's arrive because they stack up 20 or 30 limit buys 200 shares each and clean out all the sellers. Then they place sell orders about four points five points and six points higher and within minutes they are filled. That's how a stock price is moved. If it works they do it again and take the price higher. Low float volatile stocks work best. Interesting to watch it happen but it screws up my trading as I am usually sitting with a limit sell and they take the price ten points higher than my sell and I lose opportunity. If I am watching closely sometimes I can cancel my sell order when I see their buys but the whole process takes seconds or minutes. Tomorrow when I have a limit sell in place I will prepare a cancel order and sit with my finger on the trigger and cancel when they come for a raid. I traded AVNX four times today before they showed up and took my limit sell at 114 1/2 and ran the stock up to 141. I was working with a few points but the raider had a better day than me.
cdaisey@how-it-works.com
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