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RE: on the chin



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At 06:03 PM 9/2/98 -0600, Neil Harrington wrote:
>Jim,
>
>
>|  -----Original Message-----
>|  From: Jim Cox [mailto:cayenne@xxxxxxxxxxxxxxxxx]
>|  Sent: Wednesday, September 02, 1998 10:36 AM
>|  To: omega-list@xxxxxxxxxx
>|  Subject: on the chin
>|
>|
>|  	After four days of being smug about getting and trading
>|  great signals, me
>|  and Bullseye took in on the chin this afternoon. Indicators
>|  said to go long
>|  at 1005.50. Filled at 1006.00. Market turned and I thought I
>|  was out at
>|  1002.00, which was the original "stop-loss".
>|
>|  	Broker calls and says my stop loss was not "elected".
>|  <SNIP>
>
>This has not happened to me. If you have a Sell Stop at 1002.00 ticket and
>the market is at 1006.00, doesn't that ticket become a market order when the
>market touches 1002.00? What does "not elected" mean? I can understand a bad
>fill in a fast market, but my understanding of what you said is that they
>just ignored your valid ticket. Couldn't you contest this with a Time &
>Sales check?
>
>Sorry if this is an ignorant question, but I appreciate the education.
>
>Neil
>
>


Neil 

I had some confusion on this as well but if you trade the bonds this can
happen a lot, I always believe a stop was like a MIT order but apparently
not market price has to trade through the stop price. The Merc will not
accept MIT's so I guess a touch is to close to call in the pits. I've been
doing this a longtime and I get this issue of stops turning to market
orders if touched confused as well Neil.

Robert