Patial Order Cancellation

[loanarranger]

I am using a trade plan that runs on Netpicks SST, 3rd party software. For trade entry I use the Chart Trader and an ATM Strategy set up for 2 positions with 1 limit target, 1 open target, using a trailing stop to close, and a 2 position stop loss set at the same price.

Entry signals are either long or short depending on the trend line direction of the market at the time. On occasion the trend will reverse direction while I am already in a 2 position trade and an entry signal will be generated in the opposite direction. The order entry price is always at least 2 ticks away from current price. Also the new reverse entry order is always close to the stop loss for the existing 2 positions previously entered so that ideally the new entry can be combined at the same price as the stop and show on the same chart order line. This will close the existing 2 positions and enter the 2 new positions if the tick is hit.

The problem I have is when the second entry order does not trigger but the trend again reverses allowing me to stay in the original 2 positions but I now need to cancel 2 of the 4 positions occupying the same order line on the chart. In other words, how can I exit the new order for 2 and leave the stop loss for 2 in place?

I have been running this trade plan on TradeStation for several months now entering orders via the Matrix (similar to DOM). TS allows partial cancellation of multiple orders combined on the same line so I have not had any problem with order execution except in an extremely fast moving market.

Thanks for your help.

[NinjaTrader_Jason]

Hello loanarranger,

You can modify the entry order to a different price and subsequently cancel it. I assume you use a stop market or stop limit order as entry order for the second position.

So let us assume you are in a long position for 2 contracts. You mention that the 2nd entry order is submitted close to the stop loss, so it has to be a stop order - a sell limit order would fill right away if submitted below the market price.

You merge the stop loss order and the second entry order, so it should look something like the attached screenshot.

If you subsequently click the 'SLM' cell your cursor transforms into a hand. Click a different price in the sell column and it will modify only the 2nd entry order to the different price. You can now cancel the order and the stop loss order remains unaffected.

Let me know if this will not work for you.

[loanarranger]

Thanks Jason for the reply and solution which is one I had overlooked, trading almost exclusively on the chart.

I don't see any way to do this action directly on the chart. Am I wrong?

[NinjaTrader_RyanO]

Hi loanarranger,

With Chart Trader if the orders are at the same level then you can not modify the different order types in the same way as in the SuperDOM.

However, if you make those modifications to a SuperDOM on the same instrument and account, and Chart Trader is active you will see those changes reflected in the chart.

[saintalan]

Hi loanarranger,

With Chart Trader if the orders are at the same level then you can not modify the different order types in the same way as in the SuperDOM.

However, if you make those modifications to a SuperDOM on the same instrument and account, and Chart Trader is active you will see those changes reflected in the chart.

I found the above helpful.

Could I ask NT mods to clarify their responses as to whether charting supports their solution as well as SuperDOM etc.

Thanks. Alan

[NinjaTrader_Jason]

Hello Alan,

I see, I will explicitly include if instructions are supported in ChartTrader and/or SuperDOM for future posts. Thank you for your feedback.

[saintalan]

Many thanks Jason, appreciate that!

Cheers,

Alan

[loanarranger]

Please see my original post in this thread.

The solution by Jason to the problem I stated in that post continues to work well but now I have a new related issue with the same set up, when the trade actually reverses.

After entering 2 positions from the first generated signal with targets and stops attached as described (let's say long), the tend reverses and an entry set up gets generated in the opposite direction (short). I enter the order that will reverse the trade ( using the same ATM strategy as the original order, 2P 1L/2S) on the chart and move the existing exit stop from the original trade to the same price level as the new entry order. This works fine, when the price is hits, the first 2 positions (long) close and the 2 new positions (short) are entered. The problem is that even though all remaining linked orders from the first trade are canceled by the stop out, so are the targets and stops for the second trade.

This means I must scramble to now quickly enter the one target and two stop orders manually. In a fast moving market, like crude oil futures in the morning session, thing can get very hectic and error prone. Plus since the manual target and stops are no longer linked to the entry order (short) it is easy to forget to close one after the trade is exited and to get an unwanted filled trade some minutes or even hours later.

Is this dropping of the linked trades in the strategy a flaw in the ATM execution or am I doing something incorrectly?

[NinjaTrader_Jason]

Hello loanarranger,

Please re-select your ATM strategy before you submit your reverse order. If you do not re-select the ATM strategy, it will not submit ATM orders when your reverse order is filled.

Let me know if this will not work for you.