Entry orders on the break

Discussion in 'Forex Trading' started by mortysill, Mar 1, 2006.

  1. Hi,

    I have several strategies that generate buy orders when price moves up to a level and sell orders when price moves down to a level.

    Gain and FXSol do not allow buy entry orders to be placed above the current market price and similarly will not allow sell orders below market price.

    Am I condemned to using FXCM forever or are there other brokers who also allow entry orders that will trigger on a breakout?

    Best regards
    Morty

    PS I have found out how to get your trading account to 1 million in one week trading forex (you put 5 million in the account on the Monday).
     
  2. OK...

    Oanda allows limit buy orders above currrent price and vice versa - I have just signed up for the demo. Can anyone add to this list?

    Regards
    Morty
     
  3. No, but I will plug Oanda... They are the best FX broker IMO...

    Check out my thread on Oanda in this section...
     
  4. I'll check it out - many thanks

    Morty
     
  5. Very common strategy, but tricky. Where do you set your Entry? Stops? Limits? Trailing Stops?
     
  6. gowron8

    gowron8

    You can do this through Interactive Brokers using Buttontrader as a front end. I've been experimenting with Buttontrader in simulation mode....it seems to work very well for many different kinds of trades including breakouts.
     
  7. Really surprising to me that Gain and FX Solutions don't allow to enter a short order below market or a long above market. I had assumed -- obviously incorrectly -- that every forex platform offers something that basic.

    It isn't just breakout methods that this restriction effectively precludes. It's also something as routine as stop and reverse, or SAR, orders. Just doesn't make sense, even from a dealer's perspective... what exactly is their rationale?

    An 80% realized loss in a week? Hey, let's not give anyone false hope... that'd be darn hard to pull off, for the vast majority of those who try.
     
  8. Patrickz

    Patrickz

    Sir,

    I know the functionality/order management of FX Sol's very well. If you PM me, I will show you how to place buy stops above the market to catch an upward move, and sell stops below the market to catch a downward move.

    Patrick Zielbauer