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Making a quick limit order out of market hours?

Discussion in 'Beginner's Lounge' started by Eddie_E, May 24, 2019.

  1. Eddie_E

    Eddie_E

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    Hi, I'm new to out of hours trading and I just want to clear a few things up that I can't seem to find relevant answers. For example, a stock I'm watching posts a positive report before the market opens. I go to put a limit order in but the indicative price has gone up as other orders are coming in. This makes it hard to know what price to put and if it will be executed. Can anyone offer any tips for making these kind of orders?

    Thanks

    Eddie
     
  2. HelloU

    HelloU

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    hey, welcome
    the quick answer is that for the pre (morning open) you never know what the opening price is until it opens. If no games are being played then the indicative price should be displayed on your brokers page and be fairly reliable ....but if games are being played with orders being constantly placed and pulled then you will not know. ur limit price will at least protect you, but may not execute.

    note: the morning has staggered opening based upon code groupings (so 10am might be 10:10am)
     
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  3. cutz

    cutz

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    A platform like Webiress will dynamically show the match price prior to open.
     
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  4. Eddie_E

    Eddie_E

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    Thanks for your reponse. Yes commsec shows the indicative price but if lots of people are placing orders then this can change rapidly. Would putting a higher limit order act like placing a bid for the most I would like to pay? If someone comes in after me and puts a lower price, would I still receive the lower price (if it's available) before the user after me?

    Thanks
     
  5. Eddie_E

    Eddie_E

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    T
    Thanks. Will look into this.
     
  6. HelloU

    HelloU

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    yours has the info (u said) but u may have to click to refresh the page lots. bloke is talking a dynamic data page that constantly refreshes. commsec will also give u dynamic (thru iress bloke is talking) but u may have to pay for it (or trade lots). depends on how important it is to you etc ........
    on the other i am still decyphering ........
     
  7. HelloU

    HelloU

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    all the pre-open trades (matched auction or called morning open) are done at the same price. If you have a higher buy price than some other dude you get filled before them - but all at the same price until the sellers/buyers volume are all gone (sellers up to and including the match price, matched to buyers down to and including the match price).

    if u read that 5 times it should make sense.

    cheers
     
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  8. Eddie_E

    Eddie_E

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    Yes had to re-read haha but totaly understand and was just the answer I was looking for so thanks!
     
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  9. cutz

    cutz

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    Correct.

    I'm using CommsecIress, the Match price will give you a highly accurate display of the Opening Price, in order for your buy to get filled at the open make sure you're below the Match.
     
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  10. cutz

    cutz

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    Sorry previous post correction ! Make sure you’re above the Match for a buy fill !
     
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  11. Eddie_E

    Eddie_E

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    Yes I gathered that ;) thx!
     
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