I am using the ThinkorSwim platform. Attached, you will find a picture of the type of order I want to make.
Explanation:
I want to make an order that triggers when the market goes up to or passes, for example, 1000 cents. Once the price reaches 1000 cents, I want to submit a Trailing Stop BUY order that trails by +10.
The point of this order is to activate at the trigger price, then be able to follow the price if it goes down a little to improve my Entry Position.
Example:
1. Price is at 990 cents. I place my order.
2. Price goes up to 1000 cents. My order triggers a Trailing Stop BUY at Market +10.
3. Price goes down 25 cents to 975 cents. The Trailing Stop moves to 985 cents.
4. Price goes up 50 cents to 1025, but the Trailing Stop was triggered at 985, and Paper Profit is:
Paper Profit = [40 cents] * [Leverage] * [# of Contracts] - [Commission Fees]
Attached, you'll find my current predicament with September Wheat. I made a good profit off the sudden spike today, but I'm unsure which way the market will go.
At both the Blue and Black lines, I want to put an entry order similar to what I've described above.
Is there any way to make this kind of trade?
P.S. For those who would kindly point out the need for Stop Losses: I always attach a "1st Triggers Sequence" Stop Loss on each individual order to protect myself, so I've got that bit taken care of. Thanks.
Explanation:
I want to make an order that triggers when the market goes up to or passes, for example, 1000 cents. Once the price reaches 1000 cents, I want to submit a Trailing Stop BUY order that trails by +10.
The point of this order is to activate at the trigger price, then be able to follow the price if it goes down a little to improve my Entry Position.
Example:
1. Price is at 990 cents. I place my order.
2. Price goes up to 1000 cents. My order triggers a Trailing Stop BUY at Market +10.
3. Price goes down 25 cents to 975 cents. The Trailing Stop moves to 985 cents.
4. Price goes up 50 cents to 1025, but the Trailing Stop was triggered at 985, and Paper Profit is:
Paper Profit = [40 cents] * [Leverage] * [# of Contracts] - [Commission Fees]
Attached, you'll find my current predicament with September Wheat. I made a good profit off the sudden spike today, but I'm unsure which way the market will go.
At both the Blue and Black lines, I want to put an entry order similar to what I've described above.
Is there any way to make this kind of trade?
P.S. For those who would kindly point out the need for Stop Losses: I always attach a "1st Triggers Sequence" Stop Loss on each individual order to protect myself, so I've got that bit taken care of. Thanks.