Re: [CANSLIM] CVH

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] CVH
Date: Mon, 19 Aug 2002 22:13:08 -0400

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market orders are executed ahead of limit orders, limit orders ahead of stop
orders

- ----- Original Message -----
From: "Edward W. Gjertsen II" <ed@macktracks.com>
To: <canslim@lists.xmission.com>
Sent: Monday, August 19, 2002 3:04 PM
Subject: RE: [CANSLIM] CVH

A problem with the buy stop limit order is it is placed low on the totem
pole of execution.  My understanding is that there is a hierarchy to
which types of orders are filled first. This type of order is one of the
last one's to be executed.  You may want to check with your clearing
firm, but I believe this to be the case.

Ed Gjertsen II
ed@macktracks.com

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Scott Gettis
Sent: Monday, August 19, 2002 12:17 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] CVH

one approach would be to buy within limits with a buy stop limit order.
That way u can prevent getting a bad fill and taking extra risk.

- --Scott

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Edward W. Gjertsen
II
Sent: Monday, August 19, 2002 9:36 AM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] CVH

One of the risks with CANSLIM -  too many investors ready to pounce on
too few stocks.  We have been stalking CVH for quite a while.  We put in
an order prior to it reaching its pivot (cheating) when NYSE on level
two showed $32.40 offer.  As CANSLIMR's moved in to buy - the specialist
did not open the book until $34.50.  The specialist claimed "order
imbalance" but my source at Pershing said he was working another book.
We were quite upset  The stock moved over $2.00 on an imbalance of
110,000 shs.  The market maker was caught flatfooted.  We quickly sold
out of our position because we were over the 5% threshold.

Those trading Island or other ECN's may have been filled around
32.40-32.50.  We watch Time and Sales on all our fills and the only
prints were coming from ECN's.  With CANSLIM being one of the most
popular strategies for individual investors, execution is becoming more
and more difficult.

Ed Gjertsen II
ed@macktracks.com

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