Please educate me, In a rising market I know I can put a stoploss on a trade and sell it the moment, say it drops 1%. Can I do opposite, i.e in a falling market put a 'gogain' to buy a share the moment it gains say 1%?
placing stops for longs and shorts follows same procedure, in the long your stop sells you out and the stop on short buys you out...problem with shorts is that not many CFD shorts, so need to buy futures and cant place automatic stop losses on single stock futures for longs or shorts
Thanks guys but we might be talking at cross purposes. I think the share is already showing value but don't want to buy now as its falling. I can't predict the bottom but I could risk that a 1% recovery will be an indicator of the bottom being reached. Then I want my buy order to trigger at whatever price it is. Of course I could watch the share all day but don't have that time. I know this might not seem a great way to trade but I'm already happy with the value and this may save me a few cents. It works nicely when selling. Offering to buy at 1% below it could go further then I've overpaid, or not go down 1% and then I don't buy at all. I only trade shares simply so don't quite understand you RAMS.
If I understand correctly, what I suggest you do is, in the morning, set a price alert 1% above the previous day close. If it triggers, go in and activate your buy order. If it does not trigger, adjust the trigger accordingly after the close and wait for your SMS alert the next day. Hope this helps.