About reversing orders

["CJS"]

Hi,

I would like to know wheteher this combination of orders is ok.

I enter long at some level if some conditions are true with an EnterLongStop Order.

If price goes right I close with profit at some level with a: SetProfitTarget(CalculationMode.Ticks,profitticks) , placed in the Initialize() method.

But, if I am wrong an price goes against my prediction I want to reverse position with a ExitShortStop.

If this combinations of orders is posible? the ExitShortStop order has to have more contracts than the EnterLongStop Order.?

Thanls a lot for the constant help

["CJS"]

Sorry,

I did mean reverse the long position to short with a EntershortStop order with double size.

Thanks

[NinjaTrader_RyanM1]

Hello CJS,

My initial response was incorrect. Please see post #5 in this thread.

["CJS"]

Sorry,

I am using a ExitLongStop order which is being ignored while a SetProfitTarget (In the Initialize()) is active.

How can I have a profit target and a ExitLongStop (used as a SL at certain level) at the same time?

Thanks

[NinjaTrader_RyanM1]

I apologize. You're right - this would violate internal order handling rules.


Methods that generate orders (excluding market orders) to enter a position will be ignored if:

• A position is open and an order submitted by an exit method (ExitLongLimit() for example) is active and the order is used to open a position in the opposite direction
• A position is open and an order submitted by a set method (SetStopLoss() for example) is active and the order is used to open a position in the opposite direction

To work around this: Instead of using the set statements, you could submit a market order once your target price has been reached.

Example:

if (Position.MarketPosition == MarketPosition.Long)
{
if (Close[0] >= Position.AvgPrice + TickSize * targetTicks)
ExitLong();
}

["CJS"]

Hi,

Thanks a lof for all the hepl. Yuor recommendation is working really well.

I have a last question about this topic.

Is there any problem or uncompatibility with this block of code? I am just trying to close an order at a fix price either with profit or a loss. The point is that for back test purposes I need to exit the position at some level (and not at the open level of the next bar where conditions become true)

.......

else if (Position.MarketPosition==MarketPosition.Short)
{

if (Close[0]<=Position.AvgPrice-TickSize*2)

{
ExitShortLimit(Position.AvgPrice-myrange*coef_TP); // with benefit
}
else
{
ExitShortStop(myhigh,"La entrada Corta"); // with loss

}

[NinjaTrader_Austin]

CJS, I took a quick look and do not see anything wrong with your code. Please try it out and if it doesn't work as expected, you can start using Print() to print out (to the Output Window under the Tools menu) the values you're using to see what the script is "thinking", basically just debugging the script.