Partial Order Reversal

[afshinmoshrefi]

I have a strategy with 3 target prices. My signals are used to reverse the trade.
target1 and target2 are modest and usually trigger quickly. target3 is higher and is hit less often.

When I'm in a long position and target1 and target2 have already been filled, I get a signal to reverse. I would like to reverse the remaining contract, "targer3" and place short orders for target1 and target2.

What is the best way to handle such order entry and reversal?

Thanks,

Afshin

[NinjaTrader_Lance]

Before I can give you some ideas I need to know the method in which your current order handling is being handled.

Are you using OnExecution() or OnOrderUpdate() to manage your targets and stops? http://www.ninjatrader.com/support/f...ead.php?t=7499

Or are you using Set methods that define the target and stop ahead of time?

[afshinmoshrefi]

My quetsion is how I should do it.
Right now I have used SetProfitTarget and SetStopLoss for 3 seperate target values. Right now when I get a reverse signal I just do EnterLong or EnterShort in reverse direction - I did not use OnExecution() or OnOrderUpdate() because I didn't understand if I need to.


SetStopLoss("target1",CalculationMode.Ticks,Stop, false);
SetStopLoss("target2",CalculationMode.Ticks,Stop, false);
SetStopLoss("target3",CalculationMode.Ticks,Stop, false);

SetProfitTarget("target1",CalculationMode.Ticks,Ta rget1);
SetProfitTarget("target2",CalculationMode.Ticks,Ta rget1+Target2);
SetProfitTarget("target3",CalculationMode.Ticks,Ta rget1+Target2+Target3);

EnterLong(target1Qty,"target1");
EnterLong(target2Qty,"target2");
EnterLong(target3Qty,"target3");


thanks,

Afshin

[NinjaTrader_Lance]

In this case you would be able to use three EnterShort() to reverse your position. It would first close your existing position with a market order and then enter short with your different stops/targets that were tied via signal name.

From the sound of it you won't need to use OnExecution() or OnOrderUpdate() but these will give you additional management flexibility if you do need it.