Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Jon Tara who wrote (8048)	4/28/2000 12:12:00 AM
From: OZ	Read Replies (1) \| Respond to of 18137

SHOOTING THE GAP This is kind of a pre-market strategy.Though i think it will only work for people that have a real direct access system and not one of the pseudo (I wonder where my order is) systems. Here is a tip for selling a stock in which you have a profit right at the open without having to worry about the stuck and delayed quotes that are occurring in the morning and all the other difficulties in getting filled at that time. It is also good because it allows you to "pick off" those cross ups and fake bids that market makers (NITE) are putting in just to force the ecn's to bid high enough so that they can sell to. When I get to the trading office at about 1 1/2 hours before the open and I see we are going to open gap up I do the following. I put in SOES order for all my longs that I already have money in or that may open way up. SOES will not execute until the bell. By putting them in that early, I am always at the absolute front of the SOES que and my orders immediately pound the bids at the bell. If just seconds before the bell, I do not want to sell the stock, I cancel the order immediately. maybe the high bid is an ecn and not a MM. Actually I do not cancel the SOES order, I just wack the ecn and my software cancels the SOES order for me. Another idea is to send maybe 2 SOES orders in the morning for each position as to halves. Then you will have the option of canceling part of the order and still be in the front of the que with the other part.