FX Entry Order Question

mik1973

Well-known member
290 13
Hope someone can help with reference to the following entry order query. I'll try and make this query as clear as possible by way ogf an example.

Basically what i'm looking to do is trade breakouts and would like one order to cancel another. I spoke to FXCM who informed me that they wouldn'y be able to offer exactly what i'm looking for.

Here's an example.
Lets say there is a tight hourly range between the high and low of cable which i'm looking to trade -- for example high = 1.8750 Low 1.8739 What i'd like to do is go long if the high is broken at 1.8750 (with a 30 point stop at 1.8720) or go short at 1.8739 (with a 30 point stop at 1.8769). However what FXCM have told me is that if i went long at 1.8750 i would be stopped out at 1.8739 if the market dipped to that level (conversley i'd be stopped out if i went short at 1.8739 and the market went up to 1.8750).

This doesn't really give my positions 'room to breathe' and i was wondering if any FX platform provides the option for one open position to cancel another order.

As i haven't time to be looking at my screen all day the only other option i can see is to open an account with another broker. This way i could place a long and short position. However that would depend on both platforms reflecting the same quotes. Does anyone know if oanada and FXCM have quotes which are pretty much identical- or can recommend two brokers whose data feeds are pretty much the same?

Hope the above makes sense.

Cheers,
Mick
 

mik1973

Well-known member
290 13
Anyone spot the deliberate mistake?- just realised that opening two accounts (with different brokers ) would be contradicting this strategy!
Basically wht i need is for one platform allowing me to place two orders (long and short ) and that the first order opened cancels the other.

Mick
 

mik1973

Well-known member
290 13
Thanks Jonny,
Problem with opening an account with IB is the minimum deposit to day trade with. I was hoping that a 'typical' FX broker would be able to provide me with what i'm looking for .
Cheers
Mick
 

JonnyT

Senior member
2,560 22
What £2000!

The PDT requirement ($25,000) doesn't apply to Futures or Forex

JonnyT
 

TRADERguy

Active member
122 3
CMC offers contingent orders and one cancels the other. The combination should be able to do what you are looking for.
 
Last edited:

mik1973

Well-known member
290 13
Jonny,
Wasn't aware that IB only required 2k to trade FX on a daily basis -(thought it was 25k).

Trader, thanks for your response- wiill look into it.

Cheers,
Mick
 

Newtron Bomb

Experienced member
1,602 87
Mik1973

I dont think you will be able to get a broker that will be able to do what i understand you to require as a standard feature of their account.
As JonnyT said you may be best to get a piece of software adapted for your requirements...

GFT for example have an api capability, if you speak to Henry, of www.tradingsimulations.com and ask if you can have him adapt his IB plug in to do what you want it to with someone like GFT.

Happy Trading
NB
 

JonnyT

Senior member
2,560 22
IB do offer Forex.

The requirement can be obtained without using the API.

TWS (IBs trading Front End) allows such orders to be set up.

JonnyT
 
 
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