how can i put a stop-loss that is triggered automatically when my prices reach my stop which opens a position?
preferabbly, this would be so that when theres a breakout, it would lockin profit, or breakeven stop loss once the position is opened?
im sounding really confusing so heres what i did t oday.
place a long stop order at around price X.XX
I comeback about an hour later and see that a breakout has occurred, and my position had been opened in the money.
I then placed a stop-loss to lock in the profit.
My question is, how do i place the stop-loss intially when i place the long stop order, so that I won’t manually have to do this once the position is in the money? better yet, is there a service/trading platform, that will alert me once a trigger has occured?
also, if I put a long stop order as well as a short stop order? is it possible for both positions to be open in the pair?
this would work very well with breakouts, i dont get punished for being wrong, if im wrong i can cancel the order. This will limit my losses significantly if done right, but correct me if im wrong.