SetStopLoss not working - Multiple Exit Strategy

[ollywedgwood]

Hi,
I've been struggling with this one for a few days now and have tried to check out other forum threads to no avail... Any pointers gratefully received!!!! I'm probably overcomplicating it...

This code detects a two bar pattern (I'm using daily bars from Yahoo) to spot a probable reversal. I've programmed an indicator called TrendingDay to spot the first bar in the pattern, which I call from the Strategy.

If a pattern is spotted, several variables (e.g. Variable0) are set representing the price targets, initial StopLoss ("1R"), and lock-in profits stoplosses ("2R" and "4R"). The idea is to let profits run by tightening stops as price targets are reached.
I've programmed indicators ATRStopsOpen and ATRProfitTargetsOpen which assign these Variables to each incoming bar.
Then the corresponding EnterLong or EnterShort is made.

Unfortunately, my Stops don't seem to be registering at all!?

Is there a simpler way to program this strategy?

Thanks for any help you can give me (I think my head is about to explode...)

Olly

[NinjaTrader_Ray]

Someone will follow up on Monday.

[NinjaTrader_JoshP]

ollywedgwood,

In order for you to scale-out with multiple stop-loss levels you would need to scale-in first. You need to tie each stop-loss level to an individual entry signal. Please see this reference sample: http://www.ninjatrader-support2.com/...ead.php?t=3751

[ollywedgwood]

ollywedgwood,

In order for you to scale-out with multiple stop-loss levels you would need to scale-in first. You need to tie each stop-loss level to an individual entry signal. Please see this reference sample: http://www.ninjatrader-support2.com/...ead.php?t=3751

Hi Josh - thanks for your reply.
I don't wish to scale out - i.e. take 1/3 of profits at one target, then another 1/3 at the next target etc, but simply to tighten the stoploss for a single entry when it reaches a certain price, i.e. 'lock-in' a proportion of the profit. If the price falls to the new stoploss, then the whole of that trade is exited.

Can this work using one entry signal and then moving the stoploss when certain conditions are met?

Thanks!

Olly

[NinjaTrader_JoshP]

Olly,

That would work too. In that case, please see this reference sample instead: http://www.ninjatrader-support2.com/...ead.php?t=3222

[ollywedgwood]

Thanks Josh - Do I need to put the SetStopLoss in the Initialise() and the OnBarUpdate() sections if the stoploss is going to be dynamically moved when certain conditions are met? In my strategy code, I have only put the SetStopLoss in the OnBarUpdate() section.

For some reason, my stops are just not firing on the backtest. I am, however, getting Output Window printouts of the stoploss price... Perhaps it also may be something to do with the fact that I'm only using daily bars?

Thanks again for your help!

[NinjaTrader_JoshP]

Olly,

It is recommended that you place your initial stop loss from the Initialize(), move it around in OnBarUpate(), and as your position is closed, reset your stop loss to its initial value.

Please check the Control Center logs for any errors. You may be submitting invalid stop prices. You can also try using TraceOrders = true to better debug your orders. http://www.ninjatrader-support2.com/...ead.php?t=3627

[ollywedgwood]

Fantastic - thank you Josh, much appreciated - I'll try that.

Olly