I'm not familiar enough with the jargon to give this trade entry its proper name - no doubt someone will be able to enlighten me - but whatever its name is, I need to know how to set it up...
Here's an example, from yesterday. After the lunch break (1100 to 1300 US Central - I figure the New Yorkers go to lunch at 1200 their time, 1100 my time, return around 1200 my time, but that's when Chicago goes to lunch... everybody's back on the job by 1300 and things seem to get a little more rational, or at least fewer surprises), my entry criteria as of 1305 for SP E-mini were: +127500 / - 12800.
That means my entry would be short it if the price goes to 127500 or long if it goes to 128000. I don't know about others, but I use + for short and - for long because my concern is MY cash, and when I go long, cash goes OUT of my pocket!
As it happened, the price was seriously down during lunch but flattened out for a while. It finally made 127500 at 1351 and I entered a short trade with 12-tick stop, 20-tick target, a four-tick profit at six ticks, and a 12-tick follow 2 back updated every tick, exiting at 1438 at 127175 for a 3.25 point (13 tick) profit.
My question is, how do I automate this entry? The dome only lets me put in one of the entries, so right now, I'm doing this manually. It works, but if I get interrupted it can cause problems - and has!
Actually, by writing this, I missed my current setup - as of 0920, when I started writing, it was +128000 / -128500 with the strategy outlined above. If automated, it would have entered long at 128500 at 0940, set the four-tick profit at 0945 and exited with that profit at 0946... my next entry setup is +128200 / -128600 as of 1002.
To recap, what I want to do is set up so that when price reaches a certain low point, I trade short with a certain strategy or the price reaches a certain high point, I trade long with a certain (not necessarily same) strategy, and whichever it takes, the other is cancelled.
I'm sure this is simple, and no doubt the answer will cause a serious head-slap!
Here's an example, from yesterday. After the lunch break (1100 to 1300 US Central - I figure the New Yorkers go to lunch at 1200 their time, 1100 my time, return around 1200 my time, but that's when Chicago goes to lunch... everybody's back on the job by 1300 and things seem to get a little more rational, or at least fewer surprises), my entry criteria as of 1305 for SP E-mini were: +127500 / - 12800.
That means my entry would be short it if the price goes to 127500 or long if it goes to 128000. I don't know about others, but I use + for short and - for long because my concern is MY cash, and when I go long, cash goes OUT of my pocket!
As it happened, the price was seriously down during lunch but flattened out for a while. It finally made 127500 at 1351 and I entered a short trade with 12-tick stop, 20-tick target, a four-tick profit at six ticks, and a 12-tick follow 2 back updated every tick, exiting at 1438 at 127175 for a 3.25 point (13 tick) profit.
My question is, how do I automate this entry? The dome only lets me put in one of the entries, so right now, I'm doing this manually. It works, but if I get interrupted it can cause problems - and has!
Actually, by writing this, I missed my current setup - as of 0920, when I started writing, it was +128000 / -128500 with the strategy outlined above. If automated, it would have entered long at 128500 at 0940, set the four-tick profit at 0945 and exited with that profit at 0946... my next entry setup is +128200 / -128600 as of 1002.
To recap, what I want to do is set up so that when price reaches a certain low point, I trade short with a certain strategy or the price reaches a certain high point, I trade long with a certain (not necessarily same) strategy, and whichever it takes, the other is cancelled.
I'm sure this is simple, and no doubt the answer will cause a serious head-slap!
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