I was wondering if there were any examples of any unmanaged order strategies for NT7 that place both a buy and sell order and then managed the trade. I am looking to create a strategy that when the strategy identifies consolidation it will place a buy order at the high of the consolidation zone and place a short at the low of the consolidation and then when either order is triggered it cancels the opposite order and places the targets & stops It will then manage the order until complete. Ideally there would be 3 targets
Thanks for your time
Last edited by revtrader; August 4th, 2010 at 10:06 PM.
The following user says Thank You to revtrader for this post:
If I understand correctly your problem, their is an easier solution, which I use for this.
Instead of managing two "pending" orders, one for the short side, the other for the long side, is just adding another time frame, 1 tick, and fire market orders when the conditions are met in this time frame.
In this time frame, you will know if you are now on the high of the consolidation(buy), or on the low (sell).
This is not an option that I had considered but might be worth looking at. I currently use a Stop market order to get swept into the trade when it moves out of consolidation. I like getting my orders in place as early as possible so I am in the queue. But I would have to look at firing a market order later to see if I would get similar fills or if I would experience more slippage. I have looked at those strategies and I could modify them to place the market orders.
I would like to still investigate the 'unmanaged order' type. I have intermediate programming skills and the unmanaged order I would consider this a advanced programming. So that is why I was looking for an example.