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Non-Tech : Interactive Brokers / Timberhill

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To: rocklobster who wrote (2385)	1/15/2002 12:53:17 PM
From: Michael Watkins	Read Replies (1) of 9012

rocklobster... I know its no consolation but I can tell you that these 'death-spikes' that happen from time to time are virtually always 'legit' trades. They happen either spontaneously or because someone wants to take advantage of a big collection of stops put above a recent important high. And they happen fast thanks to computerized trading. Basically in futures I think you are always at risk if you put stop loss orders just above or below the day's high/low. So if short your option when its consolidating sideways is to have tighter stops within the consolidation and risk being stopped out, but at a more reasonable number to be sure. For the same reason I will never place an entry order that is not a limit order. I almost always used Stop Limit to enter a position, where both price values are the same. Consequently I never get a bum price and generally am always filled. Beware of obvious stop placements, they can and do get 'run'. FOMC meetings are the worst of course, they get run big time in both directions usually.

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