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
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
