I am wanting to create a specific ATM Strategy and want to know if what I am wanting to do is possible or not.
Long ATM Strategy EXAMPLE:
First, upon my long entry, I want 1 contract to be entered into, long
Then I want a 10 tick stop-loss for 1 contract to be placed below my long entry
After that I want 4 additional contracts to be entered into, only if the market moves up by 3 ticks (a 4 contract buy-stop placed 3 ticks above my initial entry)
Then, after 4 additional contracts have been added, I want for my stop-loss to now be a 10 tick stop for 5 contracts in total
Last of all, I want for my stop-loss to move up by 3 ticks (so that my additional 4 contracts added have a 10 tick stop-loss and not a 13 tick stop)
My reason for this ATM Stategy is this; I only want to scale-in to a position by adding 4 additional contracts when the market demonstrates directional conviction and follow through.
If the market does not demonstrate directional conviction, then I want to remain in 1 contract, so that I can attempt to have 1 contract losers and 5 contract winners.
I want for the ATM Strategy to scale-in the additional contracts automatically, and not attempt to do it manually, because in fast moving markets, there is not enough time
Is this ATM Strategy possible? If so, please show a screenshot or list out how I would set it up.
If one part of this ATM Strategy is not possible, please let me know what it is so that I can determine if I can easily do without it or not.
Thanks,
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