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Random luck, gotta like it.
Old 10-22-2007, 01:27 PM   #1
Recycles dryer sheets
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Random luck, gotta like it.

So, I'm about to place my montly (ish) purchase order in my taxable account on last Friday. The stock was around 74.85 (had been dropping all day). I set a limit order to 75.80 (I mistyped, meant to type 74.90 which is sorta funny in its own way), but the market closed shortly after my order was placed (which didn't execute because my price was too high.

When the market opens, the stock opens at 73.70 (ish), at which point my order instantly executes, then the stock rises almost immediately back up to 76ish dollars. So looking at the graph zoomed in to the last few days, there was a sharp decline down to a little point, at which point I purchased, and then a sharp rise back up.

Usually I purchase at the exact wrong time (right before a decline, right at the top of a nice run, etc), so I got a kick out of my perfectly timed trade. Not that it makes a huge difference, but I'll take the extra percent or two.

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Old 10-24-2007, 12:07 PM   #2
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I thought a limit order was no higher than the price entered. If the stock was trading lower why didn't the limit order fill?

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Old 10-24-2007, 01:17 PM   #3
Recycles dryer sheets
Join Date: Oct 2004
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Oh, look, another typo. See how this happens? Let me correct that.

The stock was around 74.85 (had been dropping all day). I set a limit order to 74.80 (I mistyped, meant to type 74.90..etc etc.

So you're right, I did enter in a price lower than the existing price, which is why it didn't execute. It was only a 10 cent difference on my typo, but it ended up saving me a couple dollars per share.
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