Hello all. Anybody knows how to place a trade that will only trigger on the condition that another trade hits a specified price, on IB TWS? Basically I am trying to initiate a 'Stop and reverse' trade. So two trades, trade A say long, and trade B to trigger short if trade A hits its stop loss. By the way, each of the trades have a bracket order attached (take profit and stop loss). Many thanks
Right click on a parent order, select 'modify' - 'condition'. There you can set a condition - including the price level of another instrument - that has to be met before the order will be executed.
Hi Sculptor, thanks for the reply. Just before you replied, I figured it out. I knew how to attach the condition, but I got stuck trying to initiate a stop order which would appear one cannot do with a conditional order (not allowed), but I figured out a way to achieve what I wanted using a limit order instead. Once again many thanks for your reply.
Okay, might have been a bit hasty here, as I have still not found a solution to my issue. Going through the normal process as available on TWS, one significant restriction there is that specify a stop order on the condition, and this makes it impossible to achieve waht I want to achieve above. As an example to make things clear as to what I want to achieve: AUDJPY price is currently 87.92/87.93. I want to buy 25K AUDJPY when price breaks 88.40, attached to this is a bracket order with take profit at 89.40 and stop loss at 87.92. At the same time, I want to a sell trade to be submitted (ONLY when the above buy trade is triggered) to sell 25K AUDJPY at 87.92 with a bracket order of take profit at 86.82 and stop loss at 88.30, so a sort of 'Stop and reverse' order. Unfortunately, as the conditional order function won't allow a sell stop order, just a sell limit, there is no way for me to specify a price condition for the sell trade to trigger only when price is equal or greater than 88.40 (signifying my buy trade would have been triggered). Any ideas/suggestions of a way to round this? many thanks