Disliked{quote} Other brokers I've been with have made those available (and countless other OCO/OSO combos) but I guess I never understood the sellstop limit/buystop limit's best use. So from above your entries you put these sell stop limit orders in place? Like say right at the moment when price was at the top of the spike you sent these orders, price came down to trigger your stop, sending your sell limit at a higher price. Then price came back up to trigger it and you got filled. Right?Ignored
Before the ECB news. I had 3 lines on my chart that was resistance levels and was close to be reached in a spike. With sellstop limit orders I created the following:
if 1.0829 touched create Sellstop order at 1.0821 ( 8 pips below ) with SL 25 pips
if 1.0852 touched create sell stop oder at 1.0842 ( 10 pips below ) with SL 30 pips
1.0952 touched create sell stop order at 1-0942 ) 10 pips below with SL 30 pips ( this one was not triggered )
when price touched 1.0829 it automaticly created a sell stop order at 1.0821 with sL 25 pips - Price continued and touched 1.0852 and it was created automaticly a sell stop order at 1.0842 with SL 1.0872 . Price continued up for a little bit. When price started to drop my sellstop order at 1.0842 was filled. Price continue to drop and also the sellstop order at 1.0821 was filled. Price did not go up again to take out my SL.
The thing is that if we are right it is ok , get filled at a price a little bit worse then using just a sell limit order. But if we are wrong sometimes I avoid to get filled and will not get a looser or DD.
I would have had a better position by now by just using sell limit orders at 1.0829 and 1.0852 and a 100 pips SL. But if it would have gone wrong I would have had 2X 100 pips SL loss. By using sellstop limit orders and if I was wrong it would possible not have been filled so no Loss or DD.
Trading in the shadow of SM
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I currently use the alarm manager from 
