Scale and bracket orders at IB

[stupididiot]

I would like to scale in buying as a stock progressively goes lower. I would do this at predetermined set prices (28,26,24,etc). After each purchase I would like a limit order to sell each purchase for a set profit of say 2 points.

For example, buy at 28 with limit order to sell at 30, buy at 26 with limit order to sell at 28, etc. What is the best way to enter all these orders at the beginning?

I could place a scale order for all the purchases. Can I add preset profit limit orders to go into effect as each purchase occurs?

I thought about bracket orders but
1) I only need the upper half of the bracket - the profit limit, not the loss limit.
2) How do set the profit limit order to go into effect as each buy order is executed.

Oh, and lastly, after a level is purchased and is sold for a 2 point profit, I would like the purchase order at that level to go back into effect.

Is any of this possible??

 

[stupididiot]

So, I 'm assuming this cannot be done at IB

 

[teun]

Can you tell what interface/application you plan to use for this?

 

[BlackBison]

get zeroline trader a dom for ib. its $90 a year, i use it its great, 10x better than ib dom and u can set up brackets in alot of ways.

u can create 'strategies' and u can choose one to use on ur dom. u can set more than 1 profit target in advance for scale outs or just scale out urself manually. u can set just a profit target and no stop if u want.

works great for me anyway, download the free trial and see if u like it

 

[stupididiot]

Quote from teun:

Can you tell what interface/application you plan to use for this?

TWS. I don't think you can enter scale orders on WebTrader

 

[Businessman]

Quote from stupididiot:

I would like to scale in buying as a stock progressively goes lower. I would do this at predetermined set prices (28,26,24,etc). After each purchase I would like a limit order to sell each purchase for a set profit of say 2 points.

For example, buy at 28 with limit order to sell at 30, buy at 26 with limit order to sell at 28, etc. What is the best way to enter all these orders at the beginning?

I could place a scale order for all the purchases. Can I add preset profit limit orders to go into effect as each purchase occurs?

I thought about bracket orders but
1) I only need the upper half of the bracket - the profit limit, not the loss limit.
2) How do set the profit limit order to go into effect as each buy order is executed.

Oh, and lastly, after a level is purchased and is sold for a 2 point profit, I would like the purchase order at that level to go back into effect.

Is any of this possible??

If you create a bracket order in TWS, but before submitting it you can delete/cancel the stop part of the bracket order.
Leaving only the profit part.
You can then attach the original entry to the profit order in the same way.. and on and on.

This is also very easy to do and much less error prone with the IB API..

Also you are being true to your nick if you dont want to use stops :eek:

 

[stupididiot]

Quote from Businessman:

If you create a bracket order in TWS, but before submitting it you can delete/cancel the stop part of the bracket order.
Leaving only the profit part.
You can then attach the original entry to the profit order in the same way.. and on and on.

This is also very easy to do and much less error prone with the IB API..

Also you are being true to your nick if you dont want to use stops :eek:

I figured out how to do it manually for each order. It's not clear as you layer each conditional order whether one will not go into effect until the one above it is executed. I plugged it on so we will see...

I just hoped you could creat a multilevel scale order and then just as easily add profit limits that would attach to each scale order. Seems like you need some sort of add on as above.

As for stops, it's all mental

 

[AllenCook]

You can configure hotkeys (either on TWS or BookTrader) to JUST add a target order. If you go into hotkeys and select "Buy", for example, you have 3 options for Attached Orders:

1) Attach Simple Bracket
2) Attach Stop Limit/Trailing Stop
3) Attach Target Limit Order

If I read what you wanted to do correctly, this is a more direct approach.

 

[stupididiot]

Quote from AllenCook:

You can configure hotkeys (either on TWS or BookTrader) to JUST add a target order. If you go into hotkeys and select "Buy", for example, you have 3 options for Attached Orders:

1) Attach Simple Bracket
2) Attach Stop Limit/Trailing Stop
3) Attach Target Limit Order

If I read what you wanted to do correctly, this is a more direct approach.

Thanks mucho. Have never used hotkeys, but I will try that.

 

[GTC]

stupididiot, what you asked can be done directly from TWS' grid as well as using Alerts too.