what is this type of stock trade?

Question

Is there a type of order or stock trade that can be set such that I want to sell beyond certain cut off limit but continue to hold the stock if the price is increasing until a percentage of drop is noticed from the peak?

e.g., lets take today's GOOG stock.

my cutoff is 669$ + 20cents drop

This would mean try to sell if today's google stock goes above 669$ but do not sell if the stock keeps climbing beyond 669 unless there is a down tick of 20cents is seen ?

Thanks.

-- one of the answer below (keshlam) -- explains the question better.

Answer 1

try to sell if today's google stock goes above 669$

This is Relative/Pegged-to-Primary Order with a Limit Price of $669 and an offset from National Best Offer of $0.00, but it is no different than an Market Order if the market price is $669 to begin with.

do not sell if the stock keeps climbing beyond 669 unless there is a down tick of 20cents is seen

This is a Trailing Stop Order with a Trailing Amount of $0.20. It sells if the market price dropped $0.20 from the peak.

The two orders are contradictory.

From your comments, I think the following is what you want:

Submit Trailing Stop Order when market price is above $669.

Cancel Trailing Stop Order before the end of the day and Submit Relative/Pegged-to-Primary Order to Sell.

Answer 2

I think that pattern is impossible, since the attempt to apply the second half would seem to prevent executing the first. Could you rewrite that as "After the stock rises to $X, start watching for a drop of $Y from peak price; if/when that happens, sell." Or does that not do what you want?

(I'm not going to comment on whether the proposed programmed trading makes sense. Trying to manage things at this level of detail has always struck me as glorified guesswork.)