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General question about use of order entry/exit and SetStopLoss/SetTrailStop
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General question about use of order entry/exit and SetStopLoss/SetTrailStop
Let me start by explaining what I am trying to do and then how I believe I can implement it. My strategy places an entry order at a given point. After market entry, I want to place a fixed stop loss order. If the market moves in my direction (say 10 ticks), I would like to change my fixed stop loss order to a trailing stop order. I would like to use the SetStopLoss() and SetTrailStop() methods, but as I read the documentation this cannot be done: “The SetStopLoss() method can NOT be used concurrently with the SetTrailStop() method for the same position, if both methods are called for the same position (fromEntrySignal) the SetStopLoss() will always take precedence. You can however, use both methods in the same strategy if they reference different signal names.” I do not want to use them concurrently, I would like to cancel the SetStopLoss() order and replace it will the SetTrailStop() orders. I believe that my only option is to let the strategy handle the needed orders. That is, place a fixed stop order that gets cancelled when the market condition calls for the SetTrailStop() method. Am I correct, or is there a better way?Tags: None
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