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Intraday stop under yesterday day low
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Intraday stop under yesterday day low

  #1 (permalink)
Trading Apprentice
Stockholm Sweden
 
Futures Experience: Intermediate
Platform: Multicharts
Favorite Futures: Futures, forex
 
Posts: 20 since Apr 2012
Thanks: 12 given, 2 received

Intraday stop under yesterday day low

I'm anayzing in 120 minutes and want my Stop Loss one tick under the low of:

- the day before the day I enter the trade

...or

- the same day I enter the trade

....whichever is lowest.


The stop should be there all the time, until the profit target or the stop is reached. I have tried with this:

If Marketposition = 1 and low < lowD(1) then exitlong

but then the stop is trailing, which I don’t want.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
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Orjan View Post
I'm anayzing in 120 minutes and want my Stop Loss one tick under the low of:

- the day before the day I enter the trade

...or

- the same day I enter the trade

....whichever is lowest.


The stop should be there all the time, until the profit target or the stop is reached. I have tried with this:

If Marketposition = 1 and low < lowD(1) then exitlong

but then the stop is trailing, which I donít want.


Try something like this for 1 tick less than yesterdays low

 
Code
                            
varsticksize    MinMove PriceScale );


if 
marketposition 1 then begin
    Sell next bar At CloseD
(1) - (ticksizelimit;
end

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  #4 (permalink)
Man wearing a tuque
Calgary, Canada
 
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Orjan View Post
I'm anayzing in 120 minutes and want my Stop Loss one tick under the low of:

- the day before the day I enter the trade...or- the same day I enter the trade....whichever is lowest.

The stop should be there all the time, until the profit target or the stop is reached. I have tried with this:

If Marketposition = 1 and low < lowD(1) then exitlong but then the stop is trailing, which I donít want.

Orjan - This statement will sell at the lower of the two prices. This assumes the Day is defined from midnight to midnight. It is more complex if you want different session times.

If you are not already using, you should consider use of the Intrabar Order Generation. For backtesting, the Bar Magnifier should be used.
 
Code
If MarketPosition = 1 then Sell next bar at MinList ( LowD(0) , LowD(1)) - TickSize Stop ;
Len

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  #5 (permalink)
Trading Apprentice
Stockholm Sweden
 
Futures Experience: Intermediate
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skiman and Lampert,

Thanks, maybe I was unclear. I want the stop to stay at the same price every day until exit. If I buy july 3 I want the stop to stay one tick under the lowest of july 2 and 3, even july 4, 5, 6 and so on as long as I have no exit .... I don't want a trailing stop.

I take care of the trailing with another signal.


Last edited by Orjan; June 24th, 2012 at 03:09 PM.
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  #6 (permalink)
Man wearing a tuque
Calgary, Canada
 
Futures Experience: Intermediate
Platform: Multicharts
Broker/Data: IB, IQFeed
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Lampert's Avatar
 
Posts: 76 since Nov 2011
Thanks: 73 given, 133 received


Orjan View Post
skiman and Lampert,

Thanks, maybe I was unclear. I want the stop to stay at the same price every day until exit. If I buy july 3 I want the stop to stay one tick under the lowest of july 2 and 3, even july 4, 5, 6 and so on as long as I have no exit .... I don't want a trailing stop.

I take care of the trailing with another signal.

OK, Orjan. You may have solved the problem but here is some code that will hold a constant stop price after the position is opened.
 
Code
If MarketPosition = 0 then StopPrice = MinList ( LowD(0) , LowD(1)) - TickSize ;

If MarketPosition = 1 then Sell next bar at StopPrice Stop ;
Len

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  #7 (permalink)
Trading Apprentice
Stockholm Sweden
 
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Perfect Len! It works

I replaced "Sell" with "Exitlong"

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