04/23/2013 Live Update

[wayne0708]

see chart!

[MrMiyagi]

[Unique]

Hope, they didn't count as 2 sells Cobra. Good luck, no one likes to see people getting robbed out of good money

[BullBear52x]

I got to go, this is one internals chart that I would like to see after market close if today a tide is turning on da bears for good or not. so far I am seeing sideways to down from this chart. GLTA

[BullBear52x]

see chart!

I would called it gap filled.

[daytradingES]

That's ok, thanks. it's within my allowed day trade losses, so I'd consider it as a normal day trade losing day, that's it. but it does affect the moral today and I'm really worried if I actually sold twice.

Well still not fair.

I don't think you did sell twice - most likely your stop was rejected as "too far off market".
Apparently when the market is falling fast if your order gets to the exchange and the market has moved too far the exchange rejects it.

Now I use limit stops for that reason.
The maximum you can put is plus 6pts for the ES so:
SELL STOP 1568 LIMIT 1562 - oK
SELL STOP 1568 LIMIT 1561 - oK rejected by exchange
(If you trade with IB it will show your stop order having been rejected in the audit trail.)

I would definately contact your broker today and find out what happen to the stop order.

[JFR]

That's ok, thanks. it's within my allowed day trade losses, so I'd consider it as a normal day trade losing day, that's it. but it does affect the moral today and I'm really worried if I actually sold twice.

Sorry to hear you got robbed. Technology, communication ... the modern life is two edged. Some good. Some bad. Everything is faster, but not necessarily better. At least it is within your daily parameters.

[Daniel-David]

SPY testing 157.50 resistance/support again, from below.

[Cobra]

members only update at 2:54 pm
http://www.cobrasmarketview.com/2013/04 ... ay-update/

[JFR]

see chart!

Ironic. And I had given up on the Gap Fill Play for the day ... Curioser and curioser.

[Cobra]

That's ok, thanks. it's within my allowed day trade losses, so I'd consider it as a normal day trade losing day, that's it. but it does affect the moral today and I'm really worried if I actually sold twice.

Well still not fair.

I don't think you did sell twice - most likely your stop was rejected as "too far off market".
Apparently when the market is falling fast if your order gets to the exchange and the market has moved too far the exchange rejects it.

Now I use limit stops for that reason.
The maximum you can put is plus 6pts for the ES so:
SELL STOP 1568 LIMIT 1562 - oK
SELL STOP 1568 LIMIT 1561 - oK rejected by exchange
(If you trade with IB it will show your stop order having been rejected in the audit trail.)

I would definately contact your broker today and find out what happen to the stop order.

Right, I was thinking the same.

I think what I did today wasn't wrong, I had to sell in case it's a real crash. Just I wasn't lucky this time. Sell first ask later is not always true, I guess. Everything is two edged.

[Daniel-David]

Cobra da, for you, and any others affected, speaking as a former lawyer, THIS may be why the brokerages have been emphasizing STOP on quote as opposed to STOP on price. If there is not a quote to match, they are not obligated to execute.

I'm only speaking generally, not as an expert. But it may come up.

[MrMiyagi]

!!!!!! POWER HOUR !!!!!!

[daytradingES]

I agree you were absolutely right to put in a second sell in case of a crash.

One idea I have toyed with is having a bunch of limit sells entered (but not triggered) each 7 pts down
so
1568
1561
1554
etc
And then in a crash hit one that in below the market by about 6 points

Thanks. but that's dangerous too, you could end up selling several times in theory.

[wayne0708]

This trendline better works or bears are in trouble for today

[Cobra]

Cobra da, for you, and any others affected, speaking as a former lawyer, THIS may be why the brokerages have been emphasizing STOP on quote as opposed to STOP on price. If there is not a quote to match, they are not obligated to execute.

I'm only speaking generally, not as an expert. But it may come up.

Yes, that's why I don't bother to argue. We retailers are always robbed no matter what.

[Cobra]

I'm neutral here. aka don't know that's going on. the crash had changed everything so now it's tough to call. wait.

[daytradingES]

Too much posting...

Looking for a low at day's end.

[daytradingES]

I agree you were absolutely right to put in a second sell in case of a crash.

One idea I have toyed with is having a bunch of limit sells entered (but not triggered) each 7 pts down
so
1568
1561
1554
etc
And then in a crash hit one that in below the market by about 6 points

Thanks. but that's dangerous too, you could end up selling several times in theory.

I only trigger one

[Cobra]

I agree you were absolutely right to put in a second sell in case of a crash.

One idea I have toyed with is having a bunch of limit sells entered (but not triggered) each 7 pts down
so
1568
1561
1554
etc
And then in a crash hit one that in below the market by about 6 points

Thanks. but that's dangerous too, you could end up selling several times in theory.

I only trigger one

I see. Maybe IB has settings to allow only trigger one. I'll check.