OrderMethods explanation

[romulko]

Hi there.
I watched two webinars, have read several times section of order methods and I totally can't understand how order mechanism works.
Please help me to understand.

As a signal I draw a black dot on top or bottom of shadow.
To construct one signal I need two bars.


The logic is :
If the bar 1 is up bar - wait next bar;
If the bar 2 is up and greater than 10 pips - we draw a signal (black dot) on the bottom of the first bar shadow (Low[1]).

Here the example what I'd like to reach

1. We get an signal and place limit order on the price level of this signal.
2. The market go down and trigger our limit order of signal 1.
3. The market go up and we get another signal.
A take profit of signal 1 was reached - and we put new limit order of this signal again.
4. The market go down and trigger our limit order of signal 2.
5. The market go down a bit and trigger our limit order of signal 1 (that was placed after take profit).

and so on...

The questions are:
1. How to place a buy limit order in this example?
2. How to place target profit and stop loss for this limit order?
3. How to track when we get a stop loss? I need to cancel signals when stop loss for this signal was reached.

Thank you.

[NinjaTrader_JC]

Hello romulko,

1. If you are starting out with NinjaScript I would recommend using the Strategy Wizard as it will have a simple point and click interface that you may use to have a strategy do basic items like entering a position and setting profit targets and stop loss orders.

Here is a link to our help guide that describes "How to enter a market position" using a limit order that you may view.

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?strategy_actions.htm

2. After the Conditions and Actions window in the Strategy Wizard you have the option to set your stop loss and profit target orders.

3. This is an item that you would have to custom code into your strategy. First, you may want to make sure that you have items 1 and 2 down.

Once you have those methods down, we have a reference sample that you may view that will monitor the stop loss and profit target orders so that you may add in your custom logic at the following link.

http://www.ninjatrader.com/support/forum/showthread.php?t=5790

Let us know if you have any questions.