I trade with Interactive Brokers. I want to buy at the Close in one of the following scenarios. The scenario depends on the indicator that I'm using.
First scenario:
- Assume that the price is currently 50 (about an hour before the Close).
- I want to buy long at the close if the price DROPS to 45.
- I think that type of order is called LOC - Limit on Close.
Second scenario:
- Assume that the price is currently 50 (again, about an hour before the Close).
- I want to buy long at the close if the price RISES to 55.
- How do I do that in Interactive Brokers?
One possible use of the second scenario could be that I only want to buy in an upward trend. So, if the price rises - that CONFIRMS the trend before I buy.
I would be grateful for any advice.