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any brokers out there offer conditional orders?

  • #1
  • First Post: Feb 3, 2006 7:35am Feb 3, 2006 7:35am
I need help with this particular order type.

I like to place a order, with Limit entry, stop loss and take profit parameters. but only when the market has reached a particular trshhold.


let me explain,

lets say euro/usd is trading at 1.2080

I want to place an order :

If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.

Why? bcoz i want to trade on retracement , becuae i belelive if the marlket has hit 1.2120 it will go up from there but it will retrace a bit before it goes up.
  • #2
  • Feb 3, 2006 9:37am Feb 3, 2006 9:37am
Quoting huskins
If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.

Why? bcoz i want to trade on retracement , becuae i belelive if the marlket has hit 1.2120 it will go up from there but it will retrace a bit before it goes up.
Yeah, it will retrace back to 1.2101 and your order will not be executed.

LOL.......just kidding. Kind of bored today.
- SAFE TRADING MONEY DUCK
  • #3
  • Feb 3, 2006 1:51pm Feb 3, 2006 1:51pm
this is really a particular one

what you expect is afaik possible only through programming using an API
time is money! Z
  • #4
  • Apr 12, 2006 2:52am Apr 12, 2006 2:52am
Quoting huskins
I need help with this particular order type.

I like to place a order, with Limit entry, stop loss and take profit parameters. but only when the market has reached a particular trshhold.


let me explain,

lets say euro/usd is trading at 1.2080

I want to place an order :

If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.

Why? bcoz i want to trade on retracement , becuae i belelive if the marlket has hit 1.2120 it will go up from there but it will retrace a bit before it goes up.
Try interactivebrokers www.interactivebrokers.com. They have conditional orders, but I don't know if it aplly to fx (IB IdealPro) too.
See http://www.forexfactory.com/forexfor...active+Brokers

Regards,

Andrew
  • #5
  • Apr 12, 2006 4:30am Apr 12, 2006 4:30am
Quoting huskins
I need help with this particular order type.

I like to place a order, with Limit entry, stop loss and take profit parameters. but only when the market has reached a particular trshhold.


let me explain,

lets say euro/usd is trading at 1.2080

I want to place an order :

If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.

Why? bcoz i want to trade on retracement , becuae i belelive if the marlket has hit 1.2120 it will go up from there but it will retrace a bit before it goes up.
If you're familiar with MQL in MetaTrader, you could program an expert to do this.
  • #6
  • Apr 12, 2006 4:57am Apr 12, 2006 4:57am
You can do this with Capital Spreads, which is a UK spread betting business.

You place a entry stop order at X. Then it will take you out either at X + 30 or X -10. If one of the exit orders gets hit, the other gets cancelled. (the 30 and 10 numbers are just an example, you can set those !)
  • #7
  • Apr 12, 2006 7:29am Apr 12, 2006 7:29am
Quoting huskins
I need help with this particular order type.

I like to place a order, with Limit entry, stop loss and take profit parameters. but only when the market has reached a particular trshhold.


let me explain,

lets say euro/usd is trading at 1.2080

I want to place an order :

If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.

Why? bcoz i want to trade on retracement , becuae i belelive if the marlket has hit 1.2120 it will go up from there but it will retrace a bit before it goes up.
I've done some research on this and you can't really do this specific type of order with any existing broker. However, any broker that connects to a trading platform with an API (like MBT, or anyone who trades using MT3/4) will "technically" allow this type of order to proceed. The draw back is that you have to program this type of order in whatever scripting language is required.

If you don't have the expertise to do this, I'm sure someone on the forum here will be able to provide you with the code to do this. Whether or not they provide it for free or at a cost will be the question.

Excellent question, though.
  • #8
  • Apr 12, 2006 8:09am Apr 12, 2006 8:09am
This type of order can be done through a UK company called Finspreads www.finspreads.com . They are a spreadbetting company who have offices around the world and are owned by a company called IFX markets. They are also open 24 hours a day from Sunday 9pm UK to friday 9.15pm UK.
  • #9
  • Apr 12, 2006 10:23am Apr 12, 2006 10:23am
Quoting trader1969
This type of order can be done through a UK company called Finspreads www.finspreads.com . They are a spreadbetting company who have offices around the world and are owned by a company called IFX markets. They are also open 24 hours a day from Sunday 9pm UK to friday 9.15pm UK.
You can do this on the FOREX.COM platform. They have several kinds of orders you can place as well as trailing stops.
  • #10
  • Apr 12, 2006 4:43pm Apr 12, 2006 4:43pm
Hi

Quote
""lets say euro/usd is trading at 1.2080

I want to place an order :

If the market goes upto 1.2120, i would like to place a Limit buy at 1.2100 , stop loss at 1.2080 target 1.215.""

Personally I think you will find it hard to get a broker to accept this type of order.....Why ?

Firstly.... you are introducing the question of a market hitting a specific point (1.2120)and THEN coming back to your level to initiate the order.... How is that initial specific (high) point determined?

Does the market have to be bid that level... or offered... Does it actually have to trade at that level ? ....if so how much has to be traded?(obviously if it goes significantly through that initial level this is not a problem)

All this has to be determined before the market THEN comes back to your order level and these questions then have to asked again

What if the market goes through your initial level (1.2120) and continiues up to 1.22/1.23 and then comes back to your entry level of 1.2100... Would you still want to enter this trade ?... I wouldnt..... How would you introduce that into the order.

I worked as a spot dealer for a London Bank and I wouldnt take your order - but maybe thats just me. It has TOO many imponderables. Orders are often contentious enough without extras like...."if it hits that level and then retraces". Within Interbank Trading orders are NOT guranteed - they are done on a "best endevour" basis. The majority of the time they are done at the specified level(sometimes at a cost to me!) but not always (In extreme conditions I have had a s/l order filled 50 pips from my level !- and that is trading between Banks). So, any orders have to be very specific and exact to avoid problems.

If I was to receive an order from a client, I may then have to leave that same order with someone else(when I go home etc) , or within a Banks Trading Platform and they probably dont(as far as im aware) have the functionality of "if it hits a level and then retraces to xxx......).

Sure...Many brokers let you leave an entry order above / below the current market.... or.... create linked orders ie. "if my entry is activated then t/p @ xxx "etc..... but im not so sure about "if a level is reached and then retraces to xxxxx then activate"

But I could be completey wrong
  • #11
  • Apr 13, 2006 3:04am Apr 13, 2006 3:04am
http://img90.imageshack.us/img90/6682/cond0hq.png
Is this what you mean???
  • #12
  • Edited 4:38am Apr 13, 2006 4:32am | Edited 4:38am
Quoting Liquid4x
http://img90.imageshack.us/img90/6682/cond0hq.png
Is this what you mean???
That was my understanding. I think people may be getting confused with the standard limit order with the ability to enter stop and profit target. I don't know of any brokers that allow this sort of Threshold Trigger Order:

When PRICE hits threshold X enter BUY AT LIMIT at Y with stop at W and profit at Z.

I didn't think FOREX.com would allow you to do this type of order. At least they didn't when I was with them for year or so ago.

Again, you can do this with any broker that allows you to trade via an API assisted engine (like any MT3/4 provider, MBT or IB).
  • #13
  • Apr 13, 2006 11:28pm Apr 13, 2006 11:28pm
Hi
Quote
Again, you can do this with any broker that allows you to trade via an API assisted engine (like any MT3/4 provider, MBT or IB).

Do youll know of any good programmenrs?
Which brokers allow you to trade via API?

Quote
http://img90.imageshack.us/img90/6682/cond0hq.png
Is this what you mean???
Yes its some what like what i meen.
  • #14
  • Last Post: Apr 14, 2006 12:33am Apr 14, 2006 12:33am
Oanda offers API capability at a monthly fee but I'm pretty sure this can be programmed into MetaTrader. However this is easier said then done since conditions would be completely unique for each & every order, unless you could come up with a common rule which would then be applied to all orders. For example, a common rule may be a percentage or a number of retraced pips after a detected trend reversal along with any additional factors...
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