Another how can this happen

[GreatPig]

At yesterday's close, the top bid level for a stock contained a few buyers including the unfilled part of my order, amounting to 10,000 shares. My order was first in the queue, being partially filled already.

At this morning's opening, three trades occurred at that price for a total of 17,000 shares, yet less than 1000 shares of my order were filled. The daily high and low prices are all that same price.

So with my order being first in line, how could these trades go through at my buy price without the shares being taken from my order?

Cheers,
GP

 

[Kauri]

Were they crossed trades, off hand I can't think of any other way they could do it.

 

[clowboy]

If somebody bids higher than you at open don't they jump the queue?

 

[ice]

They would be crossed, specialled, or portfolio trades which can be executed under certain conditions without reference to the bids/offers already in the SEAT system.


ice

 

[bvbfan]

I'd be guessing it was part of the opening auction, someone bid at the next level above your order while sellers may have dropped their price allowing sellers to get out to the highest bidders although the sale price was the same as our as per the formula for opening/closing auctions

 

[happytrader]

It could be rigged for all you know. I've had option orders in to sell at below the bid but they have been ignored. Once I watched and waited and it took 10 minutes to appear on the screen. Other times I've been the only one buying at the ask and been ignored. I have always had broadband so speed should not be the problem. How do you know someones not watching your movements? You don't do you. They watch your every move in casinos. Thats public knowledge now.

Cheers
Happytrader

 

[son of baglimit]

and its about time paranoia entered the forum !!!!

 

[canny]

ice and clowboy covered the choices.
Which stock was it?
Did you see if seconds before open a higher bid went in for less than the volume on sale? That would have given it to them at the lower price.
Otherwise they must have been within broker XT's.
I can check the screen if you give me a code.

 

[sails]

It could be rigged for all you know. I've had option orders in to sell at below the bid but they have been ignored. Once I watched and waited and it took 10 minutes to appear on the screen. Other times I've been the only one buying at the ask and been ignored. I have always had broadband so speed should not be the problem. How do you know someones not watching your movements? You don't do you. They watch your every move in casinos. Thats public knowledge now.

Cheers
Happytrader

Perhaps your broker is being slow when placing your order... I trade options with Morrisons Securities using the WebIress platform and understand that their options trading is straight through processing. If I buy at the ask / sell at the bid, it happens instantly - no delays. The only dowside with Morrisons is that they don't allow writing of options online which means a phone call for spreads plus higher fees, so I am increasingly using OptionsXpress for spreads. It is not quite as fast as Morrisons/WebIress - but usually only a few seconds delay.

 

[happytrader]

and its about time paranoia entered the forum !!!!

Yes. I think a little paranoia is healthy for everyone particularly in this business. Ive been to afew property and trading seminars over the years by very successful presenters with real results. They have both quietly alluded to this fact in one way or another. Gems such as asking the question 'whats in it for you' and another 'Rupert Murdoch is a very smart guy' Yes thats right he buys and sells his own shares at 'appropriate' times. 'Markets will become more efficient in the future' So who's going to ensure that by the way? Heres another I read, 'Just before the 1994 correction I sensed something very bad was going to happen. The bond market tipped me off' (David Chia).

I used to read each and every thing I could find about the stocks I trade but I eventually found that technical analysis was by far the best indicator of future events. As for reports and announcements, I doubt if every employee in every bank or firm can keep quiet. Up and coming moves always leave track marks.

Anyway are'nt we all playing to win? It would'nt be a fair game if you did'nt know yourself and your opponent and benefit from it, now would it?

Thanks Sails. I don't let those odd events bother me. I'm just acknowledging that stuff happens sometimes. I just look for the next trade.

Cheers
Happytrader.

 

[GreatPig]

Thanks, folks.

I wasn't around to watch the opening itself, so I don't know what the bids and offers were at that time.

I ended up completing my order later on at the same price, so can't complain.

Cheers,
GP