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As a newbie on trading cryptocurrencies, I found Stop-Limit Order does no longer fit my strategy in a situation like this:

Ater a huge price pump, the market price has stabilized at around $450 now. I believe that the market FOMO has been alleviated. I intend to cash out and believe $499 would be a firm resistance, but I need a confirm if the price drops from $499 to $490, otherwise the market may break out. However, I am worried about not getting timely updates on the market moves due to my recent busy schedule or sleeping.

So, I might need to preset a sell order with two sequenced triggers here: the frist at $499, and then at $490.

The scenario is like this: the first stage is a rise towards $499 from $450, in which no trigger has been done although the $490 had been surpassed, because triggering at $499 is a prerequisite for triggering at $490. The second stage is a hit at $499 with the first trigger done. Then the third stage is a retreat to $490 with the second trigger done. And finally, the sell order become active.

Otherwise, if the market breaks out, I'd like the sell order cancelled automatically or keep being unfilled, because the price is more likely go further high like $600, so I can remain the chance to adjust manually after I wake up.

So, what can I do to time the trade AUTOMATICALLY when I am sleeping?

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Quoting @Fattie:

Those orders (beyond the basic ones) are a feature of the software of your broker.

Here's a broker that offers over 50 types of orders for stocks. See if one of them suits your needs and then check to see if your broker offers that type of order.

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  • What a resource !!!
    – Fattie
    Apr 3, 2021 at 11:49
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Welcome new users, just give one piece of information,

  • Note that the "type of orders available" depends on your broker.

Those orders (beyond the basic ones) are a feature of the software of your broker. They're not sort of "built in to the universe" if that makes sense! (So, indeed you'll see questions on here "My brokerage xyz doesn't offer FOK, what should I do?") In short you should probably state which broker / platform / whatever you're using.

I didn't really understand your explo but could it be you're looking for a "buy stop" order?

https://www.investopedia.com/investing/basics-trading-stock-know-your-orders/

Unrelated. I can't help but jump in with a bit of general trading advice. You see where you wrote...

I believe that ...

Unfortunately, not to be blunt, you're likely gonna lose a lot of money :/

Have you ever gambled (not horses or sports, but say poker)? As you likely know, poker players do not think anything along the lines "I believe that .." That would be, you know, spiritualist. They play what they see.

I would just urge if you ever find yourself thinking "I believe ...", take care to think twice!

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  • Thanks for your answer and advice Fattie. Yes, you're right, It would be a Buy Stop order, although not be placed directly, but after a trigger price has been reached. I "believe" an unfilled order is the best order indeed, but brokers always want your orders to be filled as fast as possible, that's why such type of orders may be not existing in their software.lol
    – Naoo
    Apr 3, 2021 at 1:52
  • Could be some sort of "trigger" order then ?
    – Fattie
    Apr 3, 2021 at 11:50
  • Sorry, I might have not got your point.╭◔ ‸◔`
    – Naoo
    Apr 5, 2021 at 14:41
  • search around for order types with "Trigger" in the name or description. good luck @Naoo !
    – Fattie
    Apr 5, 2021 at 15:58
  • They use "touch" instead.😂
    – Naoo
    Apr 9, 2021 at 13:32

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