Consider the stock of XYZ is fluctuating around $10. I think will move up above $10 dollars in the long term but currently, there is a downward trend. I need to but it when there is a change in the trend but I'm not sure how much it will go down. I can place a limit order but the regular limit order does not take into consideration the trend and if I put a $9 limit it will buy it immediately at $9 even if the stock goes further down.
I need a trailing order but not a stop trailing order (or traling limit as is described https://www.tradingtechnologies.com/xtrader-help/x-trader/order-types/trailing-limit-orders/#:~:text=The%20Trailing%20Limit%20order%20re,better%20than%20the%20current%20market.&text=A%20Buy%20Trailing%20Limit%20sets,above%20the%20highest%20recent%20price.) as they are used to close a position and cannot be used to open a position. What would be the correct order type for the above situation?
There are many order type listed here but I'm no sure which one can be used https://www.interactivebrokers.com/en/index.php?f=4985