I experienced an unusual trade today when (not once but twice) a
contingent order, I had in at Etrade, triggered when the QQQ price
did not hit or even come within 3 points of my trigger price.
It bought QLD and in both cases, when I realized I owned it;
I was able to make money but would never have intended to buy it at
the price I did.
When I called Etrade, their response was (and I quote) "It looks
like the price of QQQ reached your contingent price based on an
order executed as part of rule 61 trade through exemptions. That
means it could be an odd lot or intermarket sweep that executes and
does not have to be based off the national best bid ask."
In this case, I made decent $ so not complaining but just scared
to use contingent orders as it may not always work out so well. Has
anyone else encountered this??
I experienced an unusual trade
Posted by cozz101 on 28th of Sep 2020 at 05:36 pm
I experienced an unusual trade today when (not once but twice) a contingent order, I had in at Etrade, triggered when the QQQ price did not hit or even come within 3 points of my trigger price. It bought QLD and in both cases, when I realized I owned it; I was able to make money but would never have intended to buy it at the price I did.
When I called Etrade, their response was (and I quote) "It looks like the price of QQQ reached your contingent price based on an order executed as part of rule 61 trade through exemptions. That means it could be an odd lot or intermarket sweep that executes and does not have to be based off the national best bid ask."
In this case, I made decent $ so not complaining but just scared to use contingent orders as it may not always work out so well. Has anyone else encountered this??
yes continent orders can be
Posted by matt on 28th of Sep 2020 at 09:38 pm
yes continent orders can be tricky at times, I've had some issues here and there, thanks for sharing