As I mentioned previously I purchased VXX. It had gone up a few dollars per share and then stagnated. I placed a stop limit order because I was greedy and wanted to keep from losing to much if the price plummeted.
I placed the order so that if the price dropped below $31.15 the stock would be sold automatically as long as the price at the time it was sold was higher than $31.00 per share. I did not want to lose too much if the stock price dropped drastically.
On February 28, 2011 VXX closed at $30.18 per share but my shares were not sold. The price dropped $1.33 from the close the previous business day. What happened? The opening bid and sale on February 28th was below $31.00 per share and never rose above $31.00 per share so my stop limit order was never triggered.
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