Similar questions to this have been answered satisfactorily but they all involve exiting a position that is already held. I want to enter a position.
XYZ trading at 100. I have no position. When the price rises to 110, I want to trigger a sell limit if touched order @ 105 (same limit/trigger price). If the price rises to 115, I want this sell limit if touched to rise further to 110 and so on. If the price falls, I don't want it to move.
Is there any way to do this with IB? Their trailing limit if touched order type almost fits the bill but it trails the market down (in the case of a sell order) instead of trailing it up.