Limit entry ABOVE current price question

[timothymhanna]

Hello,

Im trading a breakout strategy. And I want my limit order to be filled long above the current price when a certain price level is broken. How do I place this type of limit order? I know when say price is at 1186 and I place an limit order for 1187, it fills automatically at 1186 ish since that price is better than my limit. How do I make it so that when price actually reaches 1187, my 1187 order gets filled?

[NinjaTrader_RyanM1]

Hello timothymhanna,

If you'd like to place a long order above where the market is currently trading, you'd want to use a stop or stop limit order. If you place a limit order, it is marketable and you will get filled right when you submit the order.

You can submit various orders with the SuperDOM using either your left or middle (scroll wheel) mouse button.
Click here for more information from our online Help Guide on this specific topic

[WolfieWolf]

I'm replying to this thread because the topic is related to my question. If you want me to create a new thread please let me know. I have been testing a "breakout" strategy similar to the trader above using the "sim101" account on ninja on Patsystems. Today I entered a "SLM" (I assume means Stop Limit Market) below the current market to enter short if the market hit my price. I then used a regular "Buy limit order" for my profit targets below the stop entry. The market traded through my stop (did not execute it) and then hit both my targets. Since I didn't get my short I was long for multiple contracts at different levels. This is totally the opposite to what i wanted. I should have been flat and up money. Instead I was long and wrong for my perceived market direction. Is this a known issue? Should I be worried about using SLM orders to enter the market live? I'm using NInja 6.5.1000.16 (live).

Thanks

[NinjaTrader_RyanM1]

Hello WolfieWolf,

Welcome to the NinjaTrader forums!

This can happen with manually placed orders. You can use instead a stop market order if you want to be filled on your entry whenever trading goes through the level you specify.

You should also consider taking advantage of Advanced Trade Management, which allows you to predefine your targets and stop losses before entering a position. Orders are submitted when your entry orders is filled. If your entry order is not filled then there are no targets or stop losses submitted.

[WolfieWolf]

What do you mean by manually placed? I used a SLM below the current market and then entered my targets below as regular limit buy orders. How is that different to what you are describing? The market moved through my SLM and didn't execute. The order was there well in advance of the price action. Can you please explain to me what you mean by "manually" placed orders and what the alternative is?

[NinjaTrader_RyanM1]

You are manually placing your target orders before you enter a position, which means you can't take advantage of NinjaTrader's ATM strategies. If your entry order doesn't fill, then these orders can have unintended consequences as you've seen.

An ATM strategy allows you to define your target and stop orders in relation to your entry fill price. The target and stop loss orders are then sent when your entry order fills. If the market trades through your stop price and you don't get filled, no target / stop loss orders are submitted.

You can see here to get started on ATM strategies:

http://www.ninjatrader.com/support/helpGuides/nt7/advanced_trade_management_atm.htm

[WolfieWolf]

I must not be making myself clear. My question isn't about how to make better use of the software it's "why doesn't my stop order get executed?" If it's a stop market order then it should execute so long as the market touches my level, even if I get the worst fill in history right? "If my order doesn't fill" shouldn't be an option. The market traded through my price, I should get filled at "some" level. I just tried this. CL F1. The market was trading around 88.47. I expected a breakout to the upside. I entered my SLM to go long above the action at 88.51 and then two limit orders above that to sell my longs. The market traded right through my stop, which was never executed, and then my targets got filled making me short. The opposite position that I wanted. I just brought up properties on the DoM and noticed, "Use stop market for stop loss orders" was set to false. I just set this to "true" and I'll try again next time I see a breakout opportunity. Am I making any sense? What else do you need me to tell you in order to explain this better? Can I email you my phone number so you can ring me on this? It's a serious issue for me as my strategy depends on entering the market above or below the current action.

[NinjaTrader_RyanM1]

In your first post you said you used a Stop limit order. Once trading reaches the stop level, then a limit order is submitted.

A limit order allows you to specify the worst price you're willing to receive. If the market trades through your limit price then you don't get filled.

You can use stop market orders instead. Hit control + Middle click for stop market orders and please review this page on order submission in Superdom.

The property you're looking at in the DOM is related to ATM submitted stop loss orders, not manually submitted stop orders.

We have training on the Superdom and ATM several times per week. You can review our complete training schedule here:

http://www.ninjatrader.com/webinars.php

[WolfieWolf]

The Ninja terminology has me a bit confused. SLM was confusing me. Yes, Stop Market order is exactly what I want. The CTRL+Middle click does it. For better or worse I will now get filled. Thank you Ryan!

[NinjaTrader_RyanM1]

Great to hear it's looking clearer now. Thanks for the follow- up.