Setting a limit order to close a short

[Guest starsky]

I have an open short position (let's say at $1), and essentially want to put a stop loss in place (eg: if the price breaks out above $1.20) , I want to close out the short.

 

So I thought the right answer would be t ouse Open to Order Buy - limit at $1.20

But that isn't right.

 

What's the right trade choice?

[MacD]

Hi  

To place a stop order go to your open positions window then click on the down arrow (click for more options) of the instrument you wish to add a stop to and select edit position.

A subwindow opens -  look at the bottom half (close conditions area) and simply enter the level you want your stop to be at in the stop level field.

When done click submit at the bottom of the window and you're done.

Mac

[Guest starsky]

Thanks. I spent forever trying to find this in the help.