Interactive brokers help for stop market orders

[clam61]

i have two questions regarding stop market orders on IB with NT

1.
Lets say you use ExitLongStop() with a price of $2
Currently lets say the market shot down and is now $1

Will your order get rejected because the market price is below your stop price or will it try to execute a sell market

2. Lets say you have an open long position and you place a sell stop market order. can you place another sell stop market order without first cancelling your original sell market?

[NinjaTrader_Bertrand]

Hi, this depends on when you send the ExitLongStop order, if it was already placed it would become a Sell Market, otherwise it would get rejected. With your second question you would run into the 'Internal Order Handling Rules' - please see the last section of this link for the needed info - http://www.ninjatrader-support.com/H...verview36.html

[clam61]

thanks for your help!

the problem i have is this:

i want to place an exit stop order right when a bar has finished closing. i will plce the stop at the low of the bar that just closed. however there is a chance that before my order was submitted, price dropped below my stop market price.

in this case the order was rejected...any ideas on how to work with this situaiton?

[NinjaTrader_JoshP]

clam61,

Do you know at what stage your order was in when the price came down? Was the order already inflight? If so, there is nothing you can do except address it afterwards.

[clam61]

in flight or possibly even nanoseconds before i made the order

[NinjaTrader_JoshP]

This is the nature of electronic trading. If you submit so close to the market you will just have to address it afterwards.