Futures Trades

Monday, April 03, 2006

 

System Long YM 11280

Long YM here 11280.
Risking 30 points.
This is a swing long with open target at this stage.

Chart



Comments:
Greetings Spike,

I shorted at 11290 today,clicked buy-stop limit,set stop price above short entry,and limit down at where you wish to cover?

As price dropped I set stop price at 11255,with limit at 11240,the price came up through 11255,so I figure I set it wrong,and closed position by buying,covered at 11255.

Am I correct in setting limit below short entry,and stop above when setting a short stop?

cordially Tom
 
Hi Tom

Yes, once you're short you can set the buy stop limit above your short entry price; this is your max pain stop. And you set a buy limit order at the price you wish to cover. So you are correct.

Congrats on the +35 points there; bad luck your trailing stop action got tagged out cuz I see price is falling still but well done anyway.

My long took my risk today; it's been a while since that's happened, so I was due. I am likely going to take another stab at a long at 11170 or so.....

Good luck!
 
Tom, by the way, you can configure Bracket Orders with IB (my next post will be screenshots of how); and that will help you greatly.
 
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