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You understood perfectly as far as I am concerned.
My concern is that although we as traders intend one thing, not everyone
(some brokers included, not Mark) don't mean it as such.
The point of my post is that a few days ago, I asked a broker (in London) if
they accepted STOP LIMT ORDERS in the Bonds. I was told, yes, they did
(first mistake). I then began to dictate a STOP LIMIT contingency order and,
when finished, I asked what he had understood by the order.
The answer was evasive - basically he continued to say that they accepted
STOP LIMIT ORDERS, but nothing more.
That is why I decided to post it here to see what everyone understood
about it.
Gram.
>
>Gram,
>
>I might be missing the point of your post, but it is my understandiong
that;
>1/. Nothing should happen. Sell stops are triggered at or below the
>trigger price.
>2/. Your order would become a limit order to sell at 96.29, and until that
>price trades, you would get nothing.
>3/. If it trades or is offered at the price, the limit order is triggered,
>and once it trades again at your trigger price, you may expect to get some,
>but no guarantees. If it trades through, you should be filled at or
better.
>
>I hope this is not redundant, but the replying posts seems to be wrong, the
>little bit of them I scanned, or am I misinterprating your question?
>
>Mike
>
>----- Original Message -----
>From: Gram <gramario@xxxxxx>
>To: <realtraders@xxxxxxxxxxxxxxx>
>Sent: Thursday, June 15, 2000 6:41
>>
>> SELL x lots US T Bonds, US0900, @ 96.29 STOP LIMIT,
>>
>> how should he behave after:
>> 1/. the market opening above this price?
>> 2/. the market opening below this price?
>> 3/. the market opening at this price?
>>
>> Good trading.
>> Gram.
>>
>> - att1.htm
>
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