Automatically sending limit orders if stop limit is hit

Discussion in 'Order Execution' started by logic_man, May 22, 2012.

  1. I know that most things are possible when it comes to order automation, but I'm curious about this specific scenario. Say I want to go long if a certain price gets hit coming off a bottom, so I set a stop limit order. Is there a way that I could have a list of limit orders waiting so that once that stop limit was hit, those limit orders to buy at lower prices (it's all part of a plan, I know that "losers average losers") could be sent, so that if the trade takes heat, I can get better prices as I scale in?