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Understanding the "8370" in this post is only an example, but the number -
not the idea - is a good chance to offer a little insight...
NEVER, EVER USE "EVEN NUMBERS" FOR PRE-DETERMINED ORDERS / PRICE LEVELS
(limits, MITs, stops, etc.)
Floor traders "gun for these "even numbers, anticipating off-floor or newer
technical traders will think these a "good levels" and place orders at these
levels.
Add or subject a little and enter / use odd / remote price levels, but don't
use even numbers.
----- Original Message -----
From: "Peter W. Aan" <paan@xxxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Tuesday, August 28, 2001 3:48 PM
Subject: Re: MIT orders
> Here's another twist on the MIT order dilemma. Let's say that you are
long
> the Yen, and
> your system says take a profit at 8370. Instead of a limit or MIT order
at
> 8370, place a limit order
> to sell at 8369 limit. You give up a point, but your slippage on a MIT
> order at 8370 would be similar.
> Also, there is a small chance that if the high of the day is 8369, you
> might actually get filled, which
> would obviously not be possible with a limit order at 8370.
>
>
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