Hand strokes chin area. Click on "How-to" button above for illustration.
The hand strokes an imaginary beard like Rip Van Winkle had once he "roused"
The ability to recognize all market participants was what made open outcry trading transparent and from this, signals were developed for the larger brokerages and for some large local traders. In cases where a more universal signal was never developed, their hand signal in the pit would simply be their three digit firm number