Excuse me for saying ..........In reality, there are thousands of    bids and offers. They bid and offer at a wide range  . They must not have +1  /  -1    only.   My example is  extreme.   but  that will show the way   how it works .

How about these

Bid :   $8  = 20k   ;   $7 =15K     ;        

Offer :  $9  =30K   ;     $10  =  22k    ;

How about these

Bid :   $10  = 20k   ;   $9 =15K     ;   $8  = 20k   ;   $7 =15K         

Offer :  $8  =10K   ;     $9  =  22k    $10  =30K   ;     $11  =  22k

[quote]原帖由 lafite2004 於 2007-7-13 10:56 AM 發表

How about these

Bid :   $8  = 20k   ;   $7 =15K     ;        

Offer :  $9  =30K   ;     $10  =  22k    ; /quote]


These are limit orders (as opposed to auction or auction limit orders).  

When you put in an auction order, you can't name a price.  It would match the best limit price in your counterparty.  If you want to sell at auction in the above example, you put a sell auction order and your order would show an offer of $8.

[ 本帖最後由 dejavu2003 於 2007-7-13 13:15 編輯 ]

引用:

原帖由 lafite2004 於 2007-7-13 11:11 AM 發表
How about these

Bid :   $10  = 20k   ;   $9 =15K     ;   $8  = 20k   ;   $7 =15K         

Offer :  $8  =10K   ;     $9  =  22k    $10  =30K   ;     $11  =  22k

You won't find this either.  You won't have a bid of $10 & offer of $8 on board.  Chances are when you put an offer at $8 when there's a bid for $10, the system will take you to $10.   I think qty might play a part in it if you want to sell lower than already is on screen.  

Again, you are only putting a limit order, not auction.  You don't fix a price for auction order.

引用:

原帖由 dejavu2003 於 2007-7-13 13:11 發表
These are limit orders (a ...

When you put in an auction order, you can't name a price.

Maybe that's the thing. When I put in auction orders, I always name prices. I guess if I don't specify prices and let the system take over, I can put in bids after 9:45am. Maybe ...

引用:

原帖由 peninsula 於 2007-7-13 02:17 PM 發表

When you put in an auction order, you can't name a price.

Maybe that's the thing. When I put in auction orders, I always name prices. I guess if I don't specify prices and let the system take  ...

The rule stipulates that after 9:45 am you can only put in an auction order.

What you put in was either a Limit Order or Auction Limit Order.

In case you guys don't already know, the auction order will overtake all Limit orders that were placed earlier than you.

Thanks  to    dejavu2003

Yes my mistake last time .

BUT  , if

Bid :  { $10  = 20k   ;   $9 =15K     ;   $8  = 20k   ;   $7 =15K   ;; all limed bid   }   and   { 200 K    @auction     }

Offer : { $8  =10K   ;     $9  =  22k    $10  =30K   ;     $11  =  22k  ;; all limed bid            }  and    {250 K @ auction }

Then what is the matching price  and what is the  volumn.  ?

引用:

原帖由 lafite2004 於 2007-7-13 04:17 PM 發表
Thanks  to    dejavu2003

Yes my mistake last time .

BUT  , if

Bid :  { $10  = 20k   ;   $9 =15K     ;   $8  = 20k   ;   $7 =15K   ;; all limed bid   }   and   { 200 K    @auction     }
...

This is the wrong data again.  You have bid higher than offer and this won't happen in real life.

I have a print screen dd 5-17 on #197 when I prey on two market orders and made $11,000 out of nothing, and this is the real life data and may give you some idea of what happens to auction orders. But I can't copy a word file to the forum.  pm me your email address and I will forward the file to you.  Then I can explain.

Anyway, the system is much more complicated.  There is a rule for the equilibrium price and the final IEP would be affected by the size of auction order from each side.  It took me a while to learn and then I forgot and now I am trying to pick up again.

My email address is

lafite2004@yahoo.com.hk


I just want to learn ........Since at auction period, some  fool can put in a bid  price higer than the Offer price   as they can not see the offer price  at the screen at that time .
I very often find that they are crazy putting their price sky high and then drop back afterwards in a few seconds.

thx

引用:

原帖由 lafite2004 於 2007-7-13 05:08 PM 發表
My email address is

lafite2004@yahoo.com.hk


I just want to learn ........Since at auction period, some  fool can put in a bid  price higer than the Offer price   as they can not see the off ...

Most of the time, they are not fool.  They put in a sky high price sometimes to trap you into putting in a auction bid/offer.  Then they withdraw at 09:44:45 and when you find out, you are too late to withdraw your auction order.  This is particularly true in a second liner where there are few bid/offer at pre-open.

With first day of IPO, it's a different story because it's an efficient market.

File is on the way.  My order (auction of course) is the 2nd on the offer side broker #6835.

引用:

原帖由 lafite2004 於 2007-7-13 05:08 PM 發表
My email address is

lafite2004@yahoo.com.hk

problem with the hotmail.  Will send later.

引用:

原帖由 dejavu2003 於 2007-7-13 10:03 發表


problem with the hotmail.  Will send later.

Noted..................not in hurry.

引用:

原帖由 lafite2004 於 2007-7-13 07:57 PM 發表


Noted..................not in hurry.

I sent 15 min. ago.  Are you on MSN?

Found this link in the HKSE website.

http://www.hkex.com.hk/infra/tradmech/pfaq.doc

引用:

原帖由 dejavu2003 於 2007-7-13 12:05 發表


I sent 15 min. ago.  Are you on MSN?

On Yahoo.
Recd with thanks.    :bird:              :bird:

[ 本帖最後由 lafite2004 於 2007-7-13 15:00 編輯 ]

引用:

原帖由 dejavu2003 於 2007-7-13 12:06 發表
Found this link in the HKSE website.

http://www.hkex.com.hk/infra/tradmech/pfaq.doc

Got it .

Take some time to digest.

Thanks               ............        

引用:

原帖由 dejavu2003 於 2007-7-13 20:06 發表
Found this link in the HKSE website.
http://www.hkex.com.hk/infra/tradmech/pfaq.doc

Many thanks. This is good info.

引用:

原帖由 lafite2004 於 2007-7-13 10:32 PM 發表


On Yahoo.
Recd with thanks.    :bird:              :bird:

Sent you some notes at yahoo.

引用:

原帖由 dejavu2003 於 2007-7-14 06:57 發表


Sent you some notes at yahoo.

Received with thanks.

You must be a   genius ..........cool,clever, calculated  investor/trader.

Apart from the money you gain ,  you must have win satisfaction.                      

引用:

原帖由 lafite2004 於 2007-7-14 16:08 發表
Received with thanks.
You must be a   genius ..........cool,clever, calculated  investor/trader.
Apart from the money you gain ,  you must have win satisfaction.            :app ...

I am sure. And like some of my friends, already "retired" before reaching 40.

引用:

原帖由 peninsula 於 2007-7-14 04:09 PM 發表

I am sure. And like some of my friends, already "retired" before reaching 40.

Unfortunately, I am still struggling for my imminent retirement.  And I am well past 40.

引用:

原帖由 lafite2004 於 2007-7-14 04:08 PM 發表


Received with thanks.

You must be a   genius ..........cool,clever, calculated  investor/trader.

Apart from the money you gain ,  you must have win satisfaction.            :app ...

Thanks for the compliment but I only learned this trick by accident.  I gained the first few times without fully understanding how it worked before I got caught up once.  Fortunately for me, the loss was just a couple of thousand dollars and it was a small tuition fees to pay.

And unfortunately, I can only prey on the few stocks that I follow and these opportunites only came by a few times a year.  This is my third for the year and it's July already.

引用:

原帖由 dejavu2003 於 2007-7-14 16:54 發表
Thanks for the compliment but I only learned this trick by accident.  I gained the first few times without fully understanding how it worked before I got caught up once.  Fortunately for me,  ...

Anyway, you are smart. It is always much more easier to utilize money to make money rather than human to make money. You need brain power and some luck too! I have learned this long time ago!

引用:

原帖由 peninsula 於 2007-7-14 05:32 PM 發表

It is always much more easier to utilize money to make money ...

I just took up an overdraft facility this morning with DBS for $350K.

引用:

原帖由 dejavu2003 於 2007-7-14 17:42 發表
I just took up an overdraft facility this morning with DBS for $350K.

Only $250K. I thought $3,500K.

By the way, what is the O/D rate?