Wonder if someone could shed some light re: placing a Bid just before the market opens.
A number of times I have put a bid in just before the market opens at 10am and above the current price to go to the top of the que. This has worked in my favour on a number of occasions especially when I was pretty certain the stock was heading north. I would bid high to get to the top and would get the average Buying price at Open rather than sit in the que waiting for the price to drop back down.
I know at 10am the clearing system deals with each stock alphabeticly:
Example: A - G from 10 - 10:05 H - M from 10:06 - 10:09 etc.............................
Now, what happens with the people who try to outbid me in the que just after 10am???
Is there Bid included as part of the clearing system auction? If they are, does that mean I can still amend an order after 10am to get back to the top of the que providing the stock I am aiming to purchase fits within the designated timeframe?
