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Order Type for specific scenario
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Created: by readyforwar123 Attachments:0

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Order Type for specific scenario

 
Trading Apprentice
new york city, new york
 
Futures Experience: Beginner
Platform: tos
Favorite Futures: currency futures
 
Posts: 2 since Apr 2018
Thanks: 0 given, 0 received

Order Type for specific scenario

To provide context, I am a beginner trading momentum trades for day trading, so please have some patiance...

I will provide a specific example, can you please let me know 1. which order type is best and 2. how to set it up on active trader for quickest entry/exit?

Stock XYZ is currently trading in the range of 9.8 to $10, nudging the $10 a few times as there is a relatively large seller there (let's say 50K seller on L2). I would like to buy the stock as the stock starts taking out the sellers, preferably when there is about 10K sellers left as the sellers get taken out. My theory here is as the large seller gets taken out, this will push through $10, in which case i want to sell again into that push through $10...

I want to make sure i get it at $10 and therefore i think a market order would not work because sometimes as the tape is fast, i might not get the price i want, which order type should i use and 2. is there a way on active trader where i can just click on the $10 price as the sellers get taken out and it tries it's best to buy at $10 and also sell quickly through $10?

Any help for this novice trader is GREATLY APPRECIATED! Thank you in advance.

 
 
Elite Member
Chicago, IL
 
Futures Experience: Intermediate
Platform: TradingView/SierraChart
Favorite Futures: /ES /CL
 
Posts: 11 since Mar 2018
Thanks: 0 given, 9 received

I am not too familiar with ToS, however, I think the following could work for you:

Stop Buy Order at 10.00 (Remember that the market technically is FIFO (First In First Out) so once you enter the stop order you will be put into queue and will be behind any other orders in front of you and will not get filled until the orders ahead of you are filled).
A Number of Limit Sell Orders above the 10.00 orders
A Number of Stop Orders (Or Stop Loss Orders) below 10.00 to stop you out if the trade goes against you. Once the price breaks your threshold (You can define number of ticks/points) it will turn in to a market order. Some folks use limits, however, this type of order may not go through if the price goes past your limit order in a blink.

You can use OCO or Bracket Orders for this, so that these orders are entered with single click.

Edit: You may need to write Custom Conditional Orders in ToS as I believe this is the only way you will be able to input the entry based on volume of selling at a particular price point. I don't think ToS supports this with the normal OCO/Bracket orders. I may be wrong, however.


Last edited by bofh; April 29th, 2018 at 06:00 PM. Reason: Added more items.
 
 
Trading Apprentice
new york city, new york
 
Futures Experience: Beginner
Platform: tos
Favorite Futures: currency futures
 
Posts: 2 since Apr 2018
Thanks: 0 given, 0 received


thank you for responding...

is the stop buy order meaning it buys it at the price i want with a stop at the price i set the stop to?

the limit sell orders can i hit those on the active trader after it triggers my entry price?

 
 
Elite Member
Chicago, IL
 
Futures Experience: Intermediate
Platform: TradingView/SierraChart
Favorite Futures: /ES /CL
 
Posts: 11 since Mar 2018
Thanks: 0 given, 9 received

The stop order should be triggered once the price hits 10.00, once it is triggered it should change to a market order, you could also use a limit order for this.

 
 
Trading Apprentice
St. Louis
 
Futures Experience: Beginner
Platform: thinkorswim, NT8
Favorite Futures: equity and fx futures and options
 
Leon of Pizza's Avatar
 
Posts: 46 since Sep 2013
Thanks: 7 given, 38 received


readyforwar123 View Post
...I want to make sure i get it at $10 and therefore i think a market order would not work because sometimes as the tape is fast, i might not get the price i want, which order type should i use?

2. is there a way on active trader where i can just click on the $10 price as the sellers get taken out...

1. Look at the Stop Limit Order. You can make an order template that specifies what the limit will be - relative to where you click the DOM (Active Trader in swim speak). The downside of this tactic is that you won't get filled unless there are still sellers and that indicates your theory is wrong (or not right yet).

2. No. If you want to buy 10.01 click on it. Most of what will determine that trade's success is the volume of buy stops that are resting above 10.00 and the imbalance of new participants that the breakout will bring.


 



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