Conditional Order on IB TWS?

[rabcnesbit 10]

Deleted. Answered own question

Edited October 9, 2015 by rabcnesbit

[rabcnesbit 10]

Thought I had found a solution to my question above, hence reason I deleted the question. However, I haven't, so I am posting the question again for assistance. Thanks

 

Going through the normal process of attaching a condition to an order as available on TWS, one significant restriction there is that a stop order is not allowed in the the condition, only a limit order. Why this is the case beats me! This makes it impossible to achieve what I want to achieve which I will explain with an example below:

 

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 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 around this?

[Emily291 10]

Thought I had found a solution to my question above, hence reason I deleted the question. However, I haven't, so I am posting the question again for assistance. Thanks

 

Going through the normal process of attaching a condition to an order as available on TWS, one significant restriction there is that a stop order is not allowed in the the condition, only a limit order. Why this is the case beats me! This makes it impossible to achieve what I want to achieve which I will explain with an example below:

 

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 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 around this?

 

Are you sure this is possible with IB? They're a great broker and I've been using them myself, but they seem to be pretty well known for having crappy trading platforms for daytrading etc. Not sure if this is because they're more used to catering for fund managers who get all their data elsewhere and only trade at the end of the day?

 

Maybe just use online chat or send support an email and ask? It's only a bracket order afterall so they ought to be able to do it.