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ray barros wrote:
<BLOCKQUOTE TYPE=CITE>Hi Bill
<P>======================================================================
<BR>On Mon, 15 Sep 1997 15:36:09 -0400 bill wolfe wrote:
<BR>>If this is a repost please disregard it did not get back to me.
<BR>>
<BR>>Rts,
<P>>At 8:30am central time (before the opening) I placed an
<BR>>order with my broker to short this market from 374.00. Guess what
<BR>>happened? It opened at 373.75 went to 374.00 and went as low as 366.50.
<BR>>BUT, my broker informed me that I did NOT get filled! Can anyone tell
me
<BR>>why I didn't get filled when my target price got hit?
<BR>================================================================
<P>In a normal market ie not a "fast" etc, unless you get penetration of
<BR>your price, you are not entitled to a fill.
<P>regards
<P>ray
<BR>
<BR> </BLOCKQUOTE>
Because it's true that one is not entitled to a fill unless the limit order
is penetrated, a strategy that I use in bonds when I want to be <I>sure</I>
of a fill is the "MIT" order, in markets that will accept it (ask
your broker - the bond pit will...although I believe the wheat pit won't...).
MIT is the acronym for "market if touched." It is executed as your <U>limit</U>
order (such as 374.00 above) becomes a <U>market</U> order when touched/traded.
The fill often is NOT at your price, but normally one tick from it in a
liquid market. However, in the case above, getting into the market was
more important than getting the entry just exactly right. That is, one
would rather give up 1/2 cent to avoid missing an 8 cent move!
<P>Jim Oliver
<P> </HTML>
</x-html>From ???@??? Mon Sep 15 20:12:07 1997
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Mon, 15 Sep 1997 22:47:56 -0400 (EDT)
Message-Id: <970915224659_1457831592@xxxxxxxxxxxxxxxxxxxx>
Date: Mon, 15 Sep 1997 22:47:56 -0400 (EDT)
Reply-To: PJLaird@xxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: PJLaird@xxxxxxx
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: MKT 9/15
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Status: O
Things looking quite bullish to me. The TRIN remains up in the overbought
area, and I've several bullish non-confirmations with the indicators I
follow.
B-Bands have contracted to a relatively narrow range, which always resolves
itself in a thrust in one direction or the other. I'd be betting to the
upside at this time.
The Elliott count is resolving itself as expected, with no surprises to
affect the current scenario in my mind. We remain in a 4th wave, from an
impulse move that started 4/14. Wave 4 of this move started 8/7. We have
arguably completed three waves within this wave 4, and have conceivably
finished wave 4, at the low on 9/12 as a small "failure". I suspect we will
move up, but I feel we are still marking time in this wave 4 as we continue
to trace out either a triangle or something else, more complex than a simple
three wave pattern to complete this wave 4 from 8/7.
A strong move in the next day or two through SPX 940 would probably mean wave
4 had ended, as we'd be breaking the 8/7 - 9/5 upper trendline in the
required time frame to indicate a wave 4 completion. I don't feel overly
confident of this happening, but regardless of whether wave 4 has ended, and
we move up in wave 5, or we continue within wave 4 in another "sub wave", the
short term trend is "up", and I think that's where we're headed. Doesn't have
to start immediately, we may have to complete a very short term correction of
the move up from last Friday's low, but odds are we'll be going
higher..............in my view.
PJL
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