Is there a stop sell for this one?

Discussion in 'Trading' started by praxisjones, Nov 17, 2008.

  1. I bought YZC at about 5.15. I want 8.00 to be the price at which a stop order is placed and for it only to be sold if it falls back below 8.00. Is there a way to do this? My online broker has indicated that I can only place stop orders for prices below the current price, but I may want to consider a trailing stop. Is there a name for the type of trade that I want to do and if so what online broker offers it?

    Basically I am trying to swing trade this stock because it is grossly undervalued and has a high beta. I know it will surpass 8.00 in the near future and I want an automated trade with built in flexibility so that I am not glued to my computer.

    The trade I am suggesting would allow me to waffle the decision to sell at 8 since it will only sell once it falls back past 8.00 and it will allow me to hold the stock if it surpasses 8.00 and never falls back past 8.00.

    My online broker has said that no such trade exists.
  2. 1) The market can trade at -- 7.99, 8.00, 8.01, 8.00, 7.99 , BAM! You're Out!
    2) Use an MIT or Limit order at 8.00 unless you want to "squeeze" more out of it.