Partial profits and move stoploss

[siroki]

Hello,

Maybe somebody can point me in the right direction. I need some direction on which methods to use.

Basically simple example:

- Entry long $100
- Risk $5
- 1st target $105
- 2nd target $110
- 3rd target $115

So now I already have the EnterLongLimit() method, the SetStopLoss() and the SetProfitTarget() methods.

But now I am stuck because I want to take 1/2 profit at the 1st Target and then move the stoploss to my entry level. And then basically for each $5 move my stoploss to the previous target level.

Any ideas?

I was thinking to check my Market.Position and based on that see if the current price has reached a new target.. But when I am in a position I dont know my targets anymore. Possible to attach additional properties or something to a buy order?

[Baruch]

Don't do it. Its wrong!
I you insist on doing it you will need to declare 3 different entry orders (o1,o2,o3) and use exit(long/short)

[siroki]

Ok, so I got a little further. Basically I just created three orders (1/3rd of total size), all with the same entry price and stoploss price, but with three different profit targets.

But now comes the tricky part. When target 1 is hit, I want the remaining orders to move the stoploss level to breakeven. When target 2 is hit I want the remaining order stoploss level to set to target 1 level.

[siroki]

Don't do it. Its wrong!
I you insist on doing it you will need to declare 3 different entry orders (o1,o2,o3) and use exit(long/short)

What do you mean by it's wrong?

[Baruch]

The correct way to develop strategies is one entry / one stop / one profit.

[NinjaTrader_PatrickH]

Hello siroki,

Thank you for your post.

You can use IOrder objects to begin submitting a single entry with your own Targets and Stops. There is no harm in using multiple orders for exit of one single lot size. However, you will need to check the IOrder states when they are filled to appropriately adjust your Stops and Targets.

Please visit the following link for information on the IOrder objects: http://www.ninjatrader.com/support/h...nt7/iorder.htm

For a reference sample on using OnOrderUpdate() for protective orders please visit the following link: http://www.ninjatrader.com/support/f...ead.php?t=7499

[koganam]

Hello siroki,

Thank you for your post.

You can use IOrder objects to begin submitting a single entry with your own Targets and Stops. There is no harm in using multiple orders for exit of one single lot size. However, you will need to check the IOrder states when they are filled to appropriately adjust your Stops and Targets. ...

Not quite, as this single post shows: http://www.ninjatrader.com/support/f...59&postcount=8

It is part of two pretty long discussions which show that, in NT7, one cannot scale out without scaling in.