Types of Order Query

Beginner Questions
1

One of the logistical setbacks of a strategy I am developing looks like it can be solved via one of the various order types, but unfortunately I do not know which one.

I use GFT DealBook 360, and would like to achieve the following:

Say the market price of GBP/USD is 1.4800. I want to:

[B]Buy when the price of GBP/USD reaches 1.4891[/B]
[B]Sell when the price of GBP/USD reaches 1.4909[/B]

What kind of order can I set to achieve this?
I was thinking of a ‘Stop Buy’ @ 1.4891 followed by a ‘Limit Sell’ @ 1.4909?

Thanks in advance
xXTrizzleXx

2

That should indeed do the trick.

3

Excellent, but as we know, the secret to success lies in Money Management - how would I be able to set a stop loss 20 pips below the Stop Buy?

If I try to set a Limit Sell @ 1.4871, it would be triggered before the Stop Buy, and this is not what I want to do.

Would anyone familiar with DealBook be able to provide me with a workaround? This is the final piece to my strategy.

Thanks in advance,
xXTrizzleXx

PS: Is this where Parent & Contingent strategies come into play? I thought they could only be placed at prevailing BID/ASK rates, and not desired rates.