Opening orders not placing

[abudhabitrader]

Hello All,

 

I'm back again with another question, since last time I asked I was pleasantly surprised at the promptness and informative nature of the response I received.

I have been placing orders to open a position immediately when the order opens the next day at the close price the day before. I have selected the correct price level: eg buy at the buy price in the box and sell at the sell. Furthermore, the order was accepted so that rules out any shortage in positions to borrow from a broker as the answer. I know this is possible because I have done it many times before. So, I was wondering why the order did not place today?

 

Cheers,

[Caseynotes]

11 minutes ago, abudhabitrader said:

Hello All,

 

I'm back again with another question, since last time I asked I was pleasantly surprised at the promptness and informative nature of the response I received.

I have been placing orders to open a position immediately when the order opens the next day at the close price the day before. I have selected the correct price level: eg buy at the buy price in the box and sell at the sell. Furthermore, the order was accepted so that rules out any shortage in positions to borrow from a broker as the answer. I know this is possible because I have done it many times before. So, I was wondering why the order did not place today?

 

Cheers,

Hi, what price did the market open at today? If the stock is fairly illiquid then it will often open at the same closing price but if price gaped on open then other orders where processes before yours and moved price away from your order past the tolerance level and so your order was not executed.

[abudhabitrader]

27 minutes ago, Caseynotes said:

Hi, what price did the market open at today? If the stock is fairly illiquid then it will often open at the same closing price but if price gaped on open then other orders where processes before yours and moved price away from your order past the tolerance level and so your order was not executed.

Take Carnival (LSE) for example, the price it closed at yesterday in the box was 919 for buy. However, the graph showed the price ending at 936. Having faith in the box, I placed a buy order at 919, but the position never opened. The stock opened at 930, leaving my position closed. I am wondering whether to trust the box or the graph since other orders have been true to the price in the box. Is there an indicator that I can look out for?

[Caseynotes]

5 minutes ago, abudhabitrader said:

Take Carnival (LSE) for example, the price it closed at yesterday in the box was 919 for buy. However, the graph showed the price ending at 936. Having faith in the box, I placed a buy order at 919, but the position never opened. The stock opened at 930, leaving my position closed. I am wondering whether to trust the box or the graph since other orders have been true to the price in the box. Is there an indicator that I can look out for?

the LSE initial auction starts at 8:00 am and processes all the pre-open orders, if some event has lead to a big move in a particular market those orders can move price away from the previous day's close and gap over your order price.

[Wez01]

On 30/06/2020 at 14:28, Caseynotes said:

Hi, what price did the market open at today? If the stock is fairly illiquid then it will often open at the same closing price but if price gaped on open then other orders where processes before yours and moved price away from your order past the tolerance level and so your order was not executed.

What is the tolerance level and can it be set? I have lost money as my order opened at a very different  price to what I set.