Fast market trading the YM around reports

[VinnyB]

Not sure which forum to post this in. This post is really for anyone with experience trading around reports and, specifically, the YM.

First question is the use of a Stop Limit with the offset value setting.

If I enter a buy stop at, say 9101, and set that little dial to ‘2’, does that mean that I will only get filled up to 9103 or not at all? If so, does the offset really work during big moves?

Next set of questions involve what actually took place.

I placed a buy stop at 9108 with a ‘0’ setting in the offset at 8:29 AM and the employment #’s came out. My DOM levels kind of ‘separated’, which I expected, then I hear, “order filled”. At this point, DOM was not moving and charts were not updating.

So, I’m apparently filled but with a gap in the DOM levels and, unfortunately, I’m focused on the PNL and looking at the huge loss. Since, I was also monitoring the DIA on Quotetracker, I “knew” my trade was good so I stayed in.

Within about 15 seconds or so, the chart starts painting, DOM fills back in and I take my profit.

I’m using Comcast cable internet and a pretty fast PC with only NT on it. Quotetracker is on my laptop.

My questions are:

1. Did I just get lucky with that fill in that I used a ‘0’ setting in the offset?

2. Is that typical behavior for report trading on the YM or am I in need of some PC tweaking or ISP improvement?

3. Also, I’m guessing that, even though the DOM prices were gone, the fact that I heard my order was filled is what I should ALWAYS go by to tell me I’m in a position, correct?

4. When I checked out the chart later, my buy stop was basically at the beginning of the straight up move and I was never TRULY in a losing position [I think] even though the DOM showed a loss. When I first started using NT, I was under the assumption that the PNL is calculated from a last price in the DOM; however, in this instance, it appears that the PNL calculated from the best bid [many levels away]. Is that correct? Or did maybe some trades go off below my fill so fast that I just couldn’t tell?

I know many don’t trade reports nor recommend trading reports; but, since I plan to, I just want to make sure I have the right tools to do so. If most of you experience the same data disappearance during the fast moves, please chime in.

Thanks all,

V.

[NinjaTrader_Bertrand]

VinnyB, to compare charts and the DOM under such volatile market conditions it might be best to set the 'chart display update interval' to 0 (double click on the chart and set it in the properties). Yes, the last price would be used for the Pnl, but what you might have seen trading reports was no trades actually done until the numbers hit, so the bid / ask spread widened giving you the loss you saw. To trade those numbers effectively you should have some 'horsepower' in your hardware and also make sure the ISP line is above average as far as ping times go.

[VinnyB]

Thanks Bertrand.

My chart update interval is/was at zero.

How about the "offset" questions?

If I enter a buy stop at, say 9101, and set that little dial to ‘2’, does that mean that I will only get filled up to 9103 or not at all? If so, does the offset really work during big moves? Setting to 10 should ensure no more than 10 points of slippage?

Was hoping to hear some feedback from the NT trading community regarding buy/sell stops versus using the SLM with offset

Thanks all,

V.

[NinjaTrader_Bertrand]

You are welcome, yes with a positive offset you place limit order once the stop price triggers it, so if you enter an offset of your 10 points you can get filled up to this price. Of course as with any limit order you can get left behind if price is too volatile, so you'll have to decide if that's the right ordertype for your apporach during report time.

[VinnyB]

Cool...thanks again B!