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Reversing a Position on Breakout or Breakdown
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Reversing a Position on Breakout or Breakdown
Say you are short 1 contract close to the top of a tick chart pattern (and your buy stop is 6 ticks above the current price) and you suspect a breakoutsay 3 ticks above the current price may occur and you want a seperate resting order to get you reversed when that price is hit. What is the best way (simple) to do this in the Dome? And...should your stop on the short position be moved to at or below the desired breakout price before placing the second buy strategy?
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