Automated Order Management

[edricoon]

I'm a swing trader from Asia and use 60 min chart to trade.

Suppose that i entered a long position and have an open position when i'm away from desk. So I have set both profit target sell limit and a stop loss sell stop orders, and both of the order are pending before i go to bed.

For example, I entered long at 100, and set pending order at 110 for profit taking and 90 for stop loss.

Can I know if there are any methods to cancel one of my order once the other order is fulfilled?

1) Cancel SELL LIMIT order once SELL STOP is fulfilled.
or
2) Cancel SELL STOP order once SELL LIMIT is fulfilled.

As i don't want the price hit one of my order (close my position) and go the other way and open a new position.

[NinjaTrader_ChelseaB]

Hello edricoon,

An Atm Strategy will automatically place a stop loss and profit target for you that are tied together with OCO (One cancels other) for manual orders.

Below are links to videos on Atm Strategies.
Atm Level 1 - https://www.youtube.com/watch?v=lvLciOlWthY&list=PL4D56536A44DD7105&index= 9

Atm Level 2 - https://www.youtube.com/watch?v=_wEs...DD7105&index=6

You can also pair orders together using OCO.
Below is a video that demonstrates how to use OCO (the video demonstrates a breakout, but any orders can be paired with OCO)
https://www.youtube.com/watch?v=eG-_...tu.be&t=32m55s


If you are talking about a NinjaScript Strategy with the managed approach, you would need to use SetStopLoss and SetProfitTarget, and these will automatically be paired with OCO.
SetStopLoss - http://www.ninjatrader.com/support/h...etstoploss.htm
SetProfitTarget - http://www.ninjatrader.com/support/h...ofittarget.htm

You can also cancel an order by using CancelOrder().
http://www.ninjatrader.com/support/h...ancelorder.htm

With the unmamaged approach, an OCO string is needed to use OCO. See the section Paremeters - ocoid.
http://www.ninjatrader.com/support/h...ubmitorder.htm

That said, we do not recommend you ever leave a trade unobserved. Also, your Atm Strategy will not work if your computer is off, asleep, or in hibernation.