If I have something like this:
BUY Above 100
tgt1: 100.50
tgt2: 101
tgt3: 101.50
sl: 99
Now, I used to put SLM buy at 100.05 so buy above 100 works well. Somehow I realised that my order got executed at 100.80 (above or near my target 1). Then it reversed and gave me a loss rather than a profit.
Please suggest how to set this as I am fine for my order not getting executed as I do not want this kind of a loss if the LOT size is 11000.
Is this a good approach like below?
BUY ABOVE 100
means
BUY SL order with Trigger as 100 and Price as 100.10
or it would be better like this: Trigger: 100.05, Price 100.10 ?
Stop Loss will be an SLM at 95.
Target will be a LIMIT order at 100.50?
PROBLEM 2:
I had put once my TGT as SELL LIMIT of 100.50. I saw that the LTP became 100.50, but my SELL call was not trigerred, the price went down and I had to exit at a loss that taking a profit.
Does that mean I should put SELL LIMIT as 100.45 instead of 100.50 (exact TGT number) ?
Please guide.
Thanks.
Angel
@Angel_Rishi
Case 1: If you want to buy above 100, then yes you can place a Buy SL order with trigger = 100.05 and price = 100.10. You do need to note that only after price of 100.05 is triggered will a buy limit order with price = 100.10 be sent to the market. If the stock price goes above 100.10 before your buy limit order reaches the exchange, then the buy limit order will remain open.
You can eliminate this by placing a Buy SLM order with trigger = 100.05. Here once 100.05 is triggered, a buy market order will be executed. But the order will get executed at whatever is the best seller price… it could be 100.05 or 100.40 or even 100.80.
For the range in which you are operating, a Buy SL order will fit the requirement where it either executes at your desired price or remains open.
Case 2: LTP is the last traded price, as in price at which the last trade happened. This does not necessarily mean that CMP(current market price) should be equal to the LTP. For a buyer, the CMP is the best seller price and for a seller, the CMP is the best buyer price.
Use the market depth to view the top bids and offers to find out at what price you can execute your order.
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Thanks Bharat for explaining it so nicely. Best, Angel
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