Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Still getting my feet wet with automation development
I want to make sure I am not over complicating my brain while trying to write on paper my strategy before moving to coding phase.
I just want to know if I am in the right direction.
Intra-day Breakout Retracement Entry Strategy:
Enter buy limit order at low of previous bar after long breakout condition is true.
stop loss -20ticks
profit target = 40 ticks breakeven = after +20 ticks of profit.
Problem:
1. Using limit order, there is a chance that price never comes down to fill the limit order and continues up til profit target. I do not want to enter the trade if profit target price is touched before price goes down and order is filled. Also, if the conditions are true after order cancel, I don't want to re-enter another trade until breakout in opposite direction occurs.
2. After breakeven, if conditions are still true, I don't want reenter the trade again.
Questions:
1. In my coding will I need think of and write some type of tracking logic so the robot knows to not enter a trade after cancel order or breakeven orders or does NinjaTrader already have something I can use.
This my first time writing code and first robot building. Now I learning the limit order does add a changellage but I am sure I am not the first one
Thanks, just making sure I am not over thinking.
Can you help answer these questions from other members on NexusFi?
Yes, I can use market order once the strategy executes on bar close, but I prefer limit orders for to get better entry prices on retrace.
Of course just buying/selling with market orders once the all strategy conditions is true would solve this problem, butttt price entry will be kinda offset from what I am use to taking. But the reward to market orders are I want miss those big runs that's often missed waiting on retrace.
However, programming retracement with limit orders is a challenge so far. At least for me it is.