place a local stop at resident at the broker on reversals.

[birdog]

Hi:

When placing an initial entry and stop on my strategy it works good. The stop is a order resident located at my broker (MBT) for one of my FOREX accounts. However, I have reversal actions that sometimes take place. When that action takes place, currently, I have a emergency stop and a trail stop that resides only within my strategy code and executes when those levels are hit.

Upon reversals my hard stop is not present and resident on my broker account like it is with my initial entries.

How do I make the reversals signals also place a actual stop (like the initial entries) as well? What is the easiest way to skin that cat?

Right now, here is what I have for my reversals and thinking about adding that last line (which is now just a //note). Is that last line what I need to do or some other code here (or code somewhere else) to make it place a regular stop upon reversals?

If ...xyz, then...

{
                    Print("Reverse BuyMkt"); 
                    EnterLong(DefaultQuantity, "Reverse BuyMkt");
                    //SetStopLoss("SellMkt", CalculationMode.Ticks, ShortStop, false);
}

Right now, my trail stop and emergency stop are only in my code (which is fine), but I want to add that hard stop on reversals too (like the initial entries that work ok) simply because IF I loose connection with the broker, internet issues, etc then I would have a broker resident stop in place so I would have a measure of protection there...

Thanks folks!!!



Greg

[NinjaTrader_Matthew]

I think at this point, you need to move beyond the Set methods and start tracking your orders using IOrder objects. That way you can say if "EntryA" is filled, place an ExitLongStop that is tied to EntryA, or when "Reversal" is filled, set an ExitLongStop that is tied to the reversal.

You can use OnOrderUpdate and OnExeuction which should allow you to submit your protective orders as soon as the specific order has been filled.

Please see our Reference Sample on this topic for more information:

http://www.ninjatrader.com/support/forum/showthread.php?t=7499

[birdog]

Matthew...thanks...I will look into this...

However, for the moment, is there any other way that I could fulfill this as well?

[NinjaTrader_Matthew]

If you want an actual order to be placed on the broker's servers, you muse use an ExitLongStop/ExitShortStop method. The SetStopLoss methods are convenience methods are easier to program, but they have limited functionality.