Bitfinex - Can I combine a stop-sell with a stop-buy and limit-buy?

[norulezapply]

Does anyone know if it's possible to combine a stop-sell with a stop-buy and limit-buy on Bitfinex?

Basically I am trying to short coins when the price drops to a certain level, with a stop loss slightly above that level, but still lower than the current price, so I would only want my stop loss to be executable after the short position has opened, otherwise it would be executed immediately and ruin the short. Is that possible or is that the kind of thing trading bots do?

[bakedrice]

Does anyone know if it's possible to combine a stop-sell with a stop-buy and limit-buy on Bitfinex?

Basically I am trying to short coins when the price drops to a certain level, with a stop loss slightly above that level, but still lower than the current price, so I would only want my stop loss to be executable after the short position has opened, otherwise it would be executed immediately and ruin the short. Is that possible or is that the kind of thing trading bots do?

Yes this is possible. If you're going short, a 'Limit Sell' order will be paired up with a 'Stop Buy' order, and vice versa if you're going long.

[norulezapply]

Yes this is possible. If you're going short, a 'Limit Sell' order will be paired up with a 'Stop Buy' order, and vice versa if you're going long.

Thanks but that sounds like it won't work for my case. I am wanting to use a 'Stop Sell' order, to only open the short position when the price drops below a certain level.

As I understand it, wouldn't using a Limit Sell with a Stop Buy only work if I wanted to short at the current price?

[bakedrice]

Yes this is possible. If you're going short, a 'Limit Sell' order will be paired up with a 'Stop Buy' order, and vice versa if you're going long.

Thanks but that sounds like it won't work for my case. I am wanting to use a 'Stop Sell' order, to only open the short position when the price drops below a certain level.

As I understand it, wouldn't using a Limit Sell with a Stop Buy only work if I wanted to short at the current price?

ooo i misunderstood your question.. i do not believe you can stop-sell to open a short position when price move further down, although i am not entirely sure. let me know if u test it out.

And you definitely can't pre place a stop-loss on that order.

[norulezapply]

ooo i misunderstood your question.. i do not believe you can stop-sell to open a short position when price move further down, although i am not entirely sure. let me know if u test it out.

And you definitely can't pre place a stop-loss on that order.

No problem

Well I had a good play around yesterday and I found that I could set the stop-sell order to open the short at a lower price, which is great. I could also add my limit-buy order to close the short.

But you are right, I was unable to pre-place my stop-loss order. This is the main problem for me. If the price rises again while I'm sleeping my order isn't safe. It would be great if there was a way to do this.

[bakedrice]

ooo i misunderstood your question.. i do not believe you can stop-sell to open a short position when price move further down, although i am not entirely sure. let me know if u test it out.

And you definitely can't pre place a stop-loss on that order.

No problem

Well I had a good play around yesterday and I found that I could set the stop-sell order to open the short at a lower price, which is great. I could also add my limit-buy order to close the short.

But you are right, I was unable to pre-place my stop-loss order. This is the main problem for me. If the price rises again while I'm sleeping my order isn't safe. It would be great if there was a way to do this.

that's interesting and good to know! but yeah have to agree too risky w/o the SL

[norulezapply]

ooo i misunderstood your question.. i do not believe you can stop-sell to open a short position when price move further down, although i am not entirely sure. let me know if u test it out.

And you definitely can't pre place a stop-loss on that order.

No problem

Well I had a good play around yesterday and I found that I could set the stop-sell order to open the short at a lower price, which is great. I could also add my limit-buy order to close the short.

But you are right, I was unable to pre-place my stop-loss order. This is the main problem for me. If the price rises again while I'm sleeping my order isn't safe. It would be great if there was a way to do this.

that's interesting and good to know! but yeah have to agree too risky w/o the SL

Glad to share it

Yeah definitely. I have it set up to notify me when the short is opened so I can hop on and set the stop loss then, but I think I'm gonna write a small script to do it for me in case it is during the night.