Order for breakout strategey

Discussion in 'Order Execution' started by Sam Mcgee, May 18, 2005.

  1. I've been experimenting with a breakout strategy for YM futures and I'm using Interactive Brokers. For example, if I see the last price exceed 10471, I send out a market buy order. If the market is moving quickly, by the time I get the order placed, I might get it filled 5 points higher at 10476.

    I believe that I should be sending an order out ahead of time, instead of waiting for the price to get hit and then sending out an order manually. What kind of an order should I send that will guarantee me a fill with tighter slippage?
  2. you need to use a stop.
  3. maybe a stop with a stop limit price