Pacing orders above and below price

[dreamtribe]

Hello,

I trade a 10 minute chart (CL, YM, 6B) and wish to place 2 orders, a buy above the high of the previous candle and a sell below the low of the previous candle. How do I do this. Currently, I am only allowed to place one order.

See attached.

[NinjaTrader_Matthew]

Hello dreamtribe,

Thank you for your post and welcome to our forums!

One of the great features of NinjaTrader is its ability to submit two entry orders, one which will cancel if the other is filled.
You can accomplish a breakout/breakdown approach by:

• Right click in the SuperDOM and select the menu "OCO Order" to enable this function
• For your first order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to buy above the market
• For your second order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to sell below the market
• CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

For a market fade approach just substitute limit orders for stop orders. This entry technique is demonstrated in our free ATM Level I training class that we hold several times per week.


Click here complete schedule of our various free training sessions


Click here for more information on submitting orders in the SuperDOM

[flredsox]

Buy or Sell Stop; but, at a better price

I remember a Training seminar where there was a way mentioned that you could place a Stop order (to buy or sell) and set a "-1" someplace to get a better price.

In other words, if I place a Buy Stop 2 pips above the market and the Stop is hit I want to buy at 1 Pip better than the "At the Market" price to get a better entry. I am trying to account for the excessive slippage in my trades.

[NinjaTrader_Brett]

Hello,

To do this if the default settings haven't been changed with you middle click on the super DOM to place your buy stop order you will be prompted for the offset to use for your limit order. It is there you can place the offset. If you want this to be permanent you can set this by right clicking on the super DOM and selecting properties then changes Stop Limit Offset to -1.

http://www.ninjatrader-support.com/HelpGuideV6/ManagingOrders.html

Let me know if I can be of further assistance.

[flredsox]

I trade on the Chart, does it work there?

[NinjaTrader_Brett]

Hello,

Yes this will also occur on the chart trader.

Let me know if I can be of further assistance.

[flredsox]

I don't see it? Regarding the better entry. All my trades are with an ATM strategy. I want to enter the trade on a Buy or Sell Stop; but, I want to get a better entry price.

One other question. If I have a trade going and I want to change the parameters of the trade.

For example, I have a trade on where I have 2 contracts with the same Stop and Target and I want to change the Target on one contract only. How do I do that? I use Chart trader not the the DOM.

[NinjaTrader_Matthew]

Hello flredsox

Please review our Help Guide article on Submitting Orders with Chart Trader:

http://www.ninjatrader-support.com/HelpGuideV6/helpguide.html?SubmittingOrders2

For the first part of your question, you should be able to place stop limit orders on the chart by right clicking at the desired price and selecting "Stop Limit @ ##". Once you place this order, a pop-up will appear that will allow you to set the offset for the limit order.

Stop Limit Order
When submitting a stop limit A numeric field (image below) will appear that represents the number of ticks away you wish the limit price of the stop limit order to be placed at. Either by using your mouse scroll wheel or clicking on the up/down arrows in the numeric field, set the number of ticks and press the "checkmark" button to complete the order submission. Pressing the "x" button will cancel the order submission operation. For example, if you intend to have an order with a stop price of 1000 and a limit price of 1001 (4 ticks spread for the SP Emini contract) you would set the numeric field value to 4. Following the same example submitting a sell stop limit, setting the numeric field value to 4 would result in a stop price of 1000 and a limit price of 999.

For scaling in/out of an active order, you will want to review the steps from the article that I have re-posted below:

Scaling In or Out of an Active Strategy
When you have an active strategy selected in the strategy control list orders submitted scale into or out of the strategy. Once filled or partially filled, existing stop loss and profit target orders are modified to reflect the new position strategy size. You can preset a default scale in or out quantity via the "Scale quantity" property accessible via the Chart Trader properties window. As an example, your initial strategy may call for opening a position of four contracts but you want subsequent scale orders to be only one contract. If the Chart Trader's "Scale quantity" property is set to a value of one, when an active strategy is selected in the strategy control list, the SuperDOM "Order qty" field will be set to a value of one automatically.

Once you have this property set, you can easily scale in or out of an active order by placing buy market or sell market order depending on your position in the market.

Please let me know if you need further clarification.