Is there a way to place a stop loss order once the price reaches a certain point?
(This is for Forex, but it should be similar with stocks.) This is what I would like to do:
Place one market buy order with S/L at say 20 pips and T/P at say 20 pips.
Place a second market buy order with S/L at say 20 pips and no T/P with S/L to be adjusted later.
Once the price reaches +20 pips, the first order will complete. At that time, I would like the second order’s S/L to be moved to break even. This could potentially continue as the price continues to rise.
Is it possible? What kind of order would it be? From my understanding, it is very similar to a trailing stop, but a trailing stop would be more sensitive (with T/S of 20 if the price rose to +25 then dropped to +3 from the entry price, the T/S would be triggered, but my goal is for that not to happen).