Stop Limit buy when the market is headed down

[lamclennan]

Doing some trading in my nights... well at least entering orders. The problem I'm having is when I enter the orders for the following day after hours it won't let me set the stop lower than the "current market price" which is almost certainly not going to be the market price at the open.

If I just enter a Limit order. If the stock opens lower than the previous day and I pick up a stock I'm not interested in at the lower price.

Are there any other types of orders I should be looking at? Are there brokers which will accept orders for the following day and not execute them until the stock is open? Currently I'm thinking I need to find a broker which has a trading client that has a documented API and enter stop limit and limit orders immediately after the open.

 

[minwa]

I am assuming you're talking buy/long.

You say you don't want to limit order and buy it at a lower price, but yet you want to place a buy stop below the current market price ?

That makes no sense, you use buy stop if you want price to break above the price before buying, why would you want to put a buy stop below the current market price, it will just get executed at market price.

You say you are not interested at buying at the lower price, so why would you want to place a buy stop below the market price ?
Tick for the order to be during market hours only and good til cancelled if your broker cancels orders at night after you place them.