Folks, Just want to make sure: If the current price is $1.4, and I am long on it. And it looks it's going up. And I want to sell at the highest point after $1.5. Let's say it it goes to $1.5, $1.55, $1.6, I don't sell it, until it goes to $1.90. And then it peaks, turns back and retreats to $1.85. I want to sell at that very point $1.85, although my original target is only $1.50. I want it trails upward and have a moving target. How to set that up in IB? Being a first timer, I just got confused and missed such an opportunity. What if I want to it to have some buffer/tolerance, and when it peaks at $1.90 and retreats down to $1.85, I don't sell it, and believes that it will go up again to hit $2.00 and then comes back on $1.95 and I want to sell at that very point, $1.95. How do manage such orders in IB? And are there references or books talking about such exiting strategies? As a newbie I easily got too excited and hit the wrong button! :=)
open up an order ticket, action sell, order type trail, enter amount or % you want to trail. send it.
ditto to that. just remember to give yourself room depending on the range of the candles. varies per chart