limit order not rejected by 'Internal Order Handling Rules'

[adamus]

I am getting the "Internal Order Handling Rules" error when I place an entry order to reverse my position.

My limit and stop exits on the existing position are bound OCO by entry labels when placed.

I am not able to put in an entry order to reverse my position without cancelling the old limit and stop.

Since the entry order I place is a limit order, it might not be filled so cancelling the exit orders means the position would end up unprotected, if the entry level is never hit.

As far as I understood, placing a new order would actually just modify the existing order.

Since I want to do this in the OnBarUpdate method, it looks like I'm stuck. I could modify the exit limit order and if it is filled, submit the entry order, but then I've lost precious time and might miss the entry.

[NinjaTrader_JoshP]

adamus,

You will not be able to do this. You cannot have competing orders in the market at the same time like that as it runs the risk of overfills. If your goal is to reverse, just use Enter() with stop/limit prices where you would want the reversal to occur.

If you would still want to do this you would need to use Unmanaged orders. Doing so means you will assume the risk of overfills and you will need to be sure your strategy code can deal with overfill situations.

[adamus]

OK, thanks for the info but theoretically the orders do not compete.

I want to keep the limit and stop orders in the market but modify the limit to double the quantity (so it reverses my position) and move its price to another point. It should still be OCO with the stop.

With whatever NT can do though, what then is the next best option?

I guess I should move the limit exit to the same price that I want to enter, and then put logic in the OnExecution() method to place the entry order if the limit exit is filled. Is that what you think?

[NinjaTrader_JoshP]

adamus,

That would be the way I would proceed.