Need Help on Order Type

P

Patient Trader

Let's say I'm short 3 ES contracts at 838.00. I want to exit (buy) 1 contract if price hits 836.50. What type of resting order should I use? Simply entering a buy stop order at 836.50 won't work; it will result in immediate execution.

Would appreciate help on this this.

Thanks in advance.

pt
 
Quote from Patient Trader:

Let's say I'm short 3 ES contracts at 838.00. I want to exit (buy) 1 contract if price hits 836.50. What type of resting order should I use? Simply entering a buy stop order at 836.50 won't work; it will result in immediate execution.

Would appreciate help on this this.

Thanks in advance.

pt
More...

buy limit 836.50
 
pt,

You're trading 3 contracts of the ES and you don't know the difference between a buy-stop and a buy-limit order? Whoa.... :eek:
 
I just used that as an example, as you would discern if you took the time to read my note, instead of being in such a rush to be a wise ass.

pt
 
Quote from Patient Trader:

I just used that as an example, as you would discern if you took the time to read my note, instead of being in such a rush to be a wise ass.
More...
Sure you did.... just used it as an example.... weren't asking a question about basic types of orders.... uh-huh.... then you didn't get testy and defensive.... calling people wise asses.... welcome to ET, pt :p
 
PT,

Let's tell the truth. By your initial question it's obvious you didn't know the difference between the basic order types of buy-stop and buy-limit. I was surprised, especially from someone trading 3 ES contracts (I know, I know, it was just an example, you randomly selected the number 3....) This is a public forum, so when you post anyone may offer suggestions, criticism, whatever. Even if you don't like what they say and later claim it's none of "their business". Anyway, you've felt the need to respond to me twice, first calling me a wise ass, then calling me a jerk. Hmmm. I hope for your sake your responses to the market are more measured and patient. Good trading to you.
 
Quote from Patient Trader:

Let's say I'm short 3 ES contracts at 838.00. I want to exit (buy) 1 contract if price hits 836.50. What type of resting order should I use? Simply entering a buy stop order at 836.50 won't work; it will result in immediate execution.

Would appreciate help on this this.

Thanks in advance.

pt
More...

A buy limit order can only be executed at the limit price or lower
http://www.sec.gov/answers/limit.htm

buy stop
http://www.sec.gov/answers/stopord.htm
 
Magna

Ok, you caught me big boy. I was actually short 30 ES, tried to scale out in direction of trade. Damn, I didn't know that order would get me executed immediately. I ended up making only $750 on that scale. I always seem to get out of a trade too soon.
 
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