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kevin sheen wrote:
>
> Just exactly what Stig said happened this morning,,,,gapping down and giving me a lousy fill at 7532.
> I just was simply trading range breakout with weekly downtrend.
> It gave me a lousy fill,,,but the price couldn't go back into the range,,,and what a relief for me.
> Anyway,,,I was worried about gapping down too before I placed my order prior to market open.
> I was trying to get a fill just one tick below yesterday's low at 7547,,,and placed a stop order.
> I knew if gapped down,,,I would be troubled but couldn't find any other way.
> If I placed a limit order and market opened higher in the range I didn't want to take the trade also my price was below the close of yesterday.
> I couldn't place MIT either because of the same reason,,,,below the close of yesterday.
> I posted a question about placing order in proper way before,,,but I guess it never made to this forum,,,since I never seen a response there after.
> Please this time,,,any experienced trader with knowledge about placing order before markets open,,,help me. I need to know how to get away from being filled lousy when there's a gap.
>
>
You could place a stop-limit or stop with limit order. For example sell
one FCK at 75.45 stop limit could be filled only if 75.45 was hit but
the fill could be no lower than 75.45 . An alternative is to place an
order like sell one FCK at 75.45 stop limit 75.40, say. The more
restrictive you make it, the greater the risk of not getting a fill at
all.
A table I have says all exchanges except CBOT takes these two types;
however on a different kind of order (OCO), i've found a couple
exchanges wouldn't take them or at least not the floor brokers of the
firm I trade through, even tho the chart says they do. So ask before
placing it.
If you are willing to sell anywhere above a certain value and that
value happens to be below the close you can still place a limit order
but you want to identify that you realize it's below the close (or
current price) by tagging it with "or better". This would not meet your
requirement that the trade be below yesterday's low however.
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