Trading Halts with open orders

[Peace OOt]

My first post!.... nice to finally join in.

so I went to purchase AJQ early this morning...Anz e trade account ...... my order was PLACED prior to AJQ trading halt announced at 9:44... my order is not filled...but still in the que...limit buy @0.033 ...good til cancelled.

2 questions...
1. although my order was placed and in the que...will my order be filled monday 27th when trading resumes from the trading halt... ? and...
2. if my order is in the que and will be filled...can i amend the order prior to open and increase position size or will that require a new order due to trade halt?

cheers!

 

[over9k]

Depends on the price - it might come out of the halt at something wildly different.

You should be able to nuke it and place another order, you'll just be in the queue again. Where you get in the queue depends on a lot of factors as institutions (market makers) pay for order flow and all kinds of stuff. Sometimes when they hold the stock themselves they sell directly to you and just pocket the brokerage fee themselves as if it were a pink sheet sale.

 

[Peace OOt]

im not looking to cancel yet.... just determine whether my order will be fulfilled at 0.033 on open if price breaks higher.

institutions (market makers) pay for order flow and all kinds of stuff

is that why there are crazy bids in pre market depth?

either way...monday mornings market depth will set it straight...just trying to get my head around it

 

[divs4ever]

you should double-check shortly before the recommencement of trading

NORMALLY on my two trading platforms ( neither are ANZ ) existing orders are purged ( cancelled ) before trading starts

 

[qldfrog]

you should double-check shortly before the recommencement of trading

NORMALLY on my two trading platforms ( neither are ANZ ) existing orders are purged ( cancelled ) before trading starts

Same here ..in to5ur shoes, i woujd cancel the orders now and create new ones before open after checking: 1 the market,2 any extra announcement rekeased. You never know ..

 

[Country Lad]

@Peace OOt I would never just leave any share there (sell or buy) without some idea of which way it will go after the trading halt and then only if the matchout price appears to be going my way.

Let's look at the case of AJQ. The last price was 3.3 . The trading halt is to announce the issue of 192,307,693 shares at 2.6 cents which is 20% or so below the last price. I think it will be obvious that is not good for the share price tomorrow.

Even now, the matchout price stands at 3.1 cents. That is not definitive of what it will open at tomorrow, but the probability is the open will be at this price or lower, seeing there are already twice the sellers to buyers in the stack
Let's say it was opening right now. Your 3.3 bid will be executed at the 3.1 with the next buyer at 3.0. You will have no idea whether it will go down further or up so it becomes a very high risk trade until you have further information and that will be available only after the trading starts after opening. If it were me, I would not be happy with the risk and I would cancel it until I see where it is going. FOMO and I do not get on well.
... and as I said I would not leave it there unless I am sure from the matchout in the morning that the trade is going my way.

 

[Peace OOt]

Thanks guys... got my head around it...mission accomplished.. trade cancelled for now ....never had that situation arise before... and trully appreciate the knowledge.

@Country Lad ... hadnt looked at the depth since my initial post...busy day....
The initial trade was a 1/2 X position ...monitored since end of may.....risk managed with target.... "just another trade" ....no tears on the cancel button... FOMO dont live here anymore either...

 

[qldfrog]

Same here ..in to5ur shoes, i woujd cancel the orders now and create new ones before open after checking: 1 the market,2 any extra announcement rekeased. You never know ..

my apologies @Peace OOt for the mangling..was a quick answer from phone while doing other things