cooltetra said:
Hi Agilent
PIB (Power India Bulls) is a trading terminal from Indiabulls. If you look at the image, you will find STOPLOSS in one of the field.
I have interpreted the STOPLOSS field in PIB to be the price that will trigger your order at MARKET price.
While placing the order at MARKET and mentioning STOPLOSS, the then market price should be less than STOPLOSS price in case of long position and more than STOPLOSS for short position.
Here the same STOPLOSS order can be used to initiate a new position as well as end an existing one.
May be this is interpretation only in case of PIB users.
I totally agree to you as far as the meaning of STOPLOSS is concerned.
However, for a PIB user, these serves the purpose of initiating a new order or cutting an old one.
By Buy Stop, I mean, a price at or above which I will like to enter a new long trade. A Sell Stop, means a price at or below which I will take a short position.
Hope I am clear.
Best Regards
Coool.
PIB (Power India Bulls) is a trading terminal from Indiabulls. If you look at the image, you will find STOPLOSS in one of the field.
I have interpreted the STOPLOSS field in PIB to be the price that will trigger your order at MARKET price.
While placing the order at MARKET and mentioning STOPLOSS, the then market price should be less than STOPLOSS price in case of long position and more than STOPLOSS for short position.
Here the same STOPLOSS order can be used to initiate a new position as well as end an existing one.
May be this is interpretation only in case of PIB users.
I totally agree to you as far as the meaning of STOPLOSS is concerned.
However, for a PIB user, these serves the purpose of initiating a new order or cutting an old one.
By Buy Stop, I mean, a price at or above which I will like to enter a new long trade. A Sell Stop, means a price at or below which I will take a short position.
Hope I am clear.
Best Regards
Coool.
But I wonder if the trading tactics implicit in this feature (i.e prompting a new long at a price higher than current level) will appeal to all traders. Any views on this ?
I mean ... what if the spurt which sets off such a trigger has been caused by (temporary or intraday) short covering .... this could imply altogether different technical trends rather than genuine breach (by fresh longs) of a resistance level. Latter is a bullish signal, but former isn't, am i right ?
My apologies to Trader07 for earlier critical words. If I had been familiar with PIB, I would have understood what he had been saying.
AGILENT