order confusion please help

C

cashclay

Hey there. I m looking for an order type for short positions. Lets say i purchase a stock at 10$ and want to buy it when it goes down to 8 or buy it when it goes up to 12. What would b the name of this dual order type? Also for long positions as well (same example). THANKS!
 
Do you mean that you first "short" the stock at $10, then.....

If that is true, then you would want to enter an order cancels order (OCO). Buy X shares at $8.00 OCO Buy X shares at $12 Stop. If it trades at $8 first, it will cover your short and cancel the stop order. If the stock goes up first, then you will buy the stock back at the market when it touches $12. You won't be guaranteed $12. Your limit order at $8.00 will be cancelled when the stop is triggered.
 
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