Jump to content
Medved Trader Forums

Chart Trading


mlsignups
 Share

Recommended Posts

Is there a way to set a buy order along with a related stop order from the chart trading.

For instance, using the MSFT chart for tonight, the stock is at 304.30.   If I wanted to set it up before market opened that at 305 it triggered a buy and automatically had a stop at 297, can i do that using the chart trader?    

I sometimes have a few charts I want to buy on breakouts and rather than fumble around in the first few minutes each day would rather just set these ahead of time and let them trigger if they do.

Link to comment
Share on other sites

Yes, that is generally possible but may depend on the broker you're using. For TD Ameritrade, you could do the below.

1. In the Trading Ribbon, set the Quantity and Time-In-Force (TIF). I'm using GTC so that the order stays open overnight and executes during regular trading hours.

2. Select STP (Stop Market) as the order type so the order does not trigger until the price reaches the level desired ($305).

3. To attach a stop loss to the order select the OTA conditional order type and set an offset to reach the desired stop level -8.00 ($297).

4. Click the Buy button and drop the trading capsule on the chart at the entry level, the stop loss will be placed at as well.

5. Click the Check Mark icon on the trading capsule to send the order to the broker.

To recap, this is a Buy Market Stop order to trigger at $305 with a Stop Loss at $297; a Buy Market Stop is needed since the current price is below the desired entry price. NOTE: There is no profit exit in this example, be diligent 😄.

image.thumb.png.5c4e3a9f8d47b97ce7dd2a357c434078.png

Edited by Donald Q.
Link to comment
Share on other sites

Hi Donald... I fumbled my way through this but was ultimately able to follow.  Thanks for the directions.

I do have a question - you set the conditional order - the stop - to a limit.     Wouldn't that trigger right away?   Shouldn't it be a STOP MARKET order?

I wasn't sure whether you do this or were just trying to explain... but seems like the OTA part should be a stop unless I'm not fully understanding.

Thanks for your help.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...