How do I place a Long Limit Order Above Price.

[BrendoApex]

Ok I feel like this is a very stupid question and I have searched the web and tried and tried to figure out how to do this on the chart but just can't pull it off.

I need to place a Long limit order above price.

EG Price is at $5, It is looking green but I don't want to take a long until $7 because it may go to $10.
How do I place a limit on the chart? It seems my only options on right click are opposite direction and the chart trader is "Now" trades.

Sorry for this question as I know its a simple thing I just can't see how to do.

[bltdavid]

Summary:

Use a Buy Limit order to enter a Long position below price.
Use a Buy Stop order to enter a Long position above price.

-=o=-

Ready for a teaching moment?

Let's deep background this a bit.

When we first start trading, we all learn about 'Market' orders,
and we soon learn about 'Limit' orders, but we also learn about
this important thing called a 'Stop Loss' order, to help protect
you against losses, right?

Well, it took me awhile to unlearn the phrase 'Stop Loss' and
just use the one word 'Stop' to describe this order. Why?
Because no one in the trading software world really uses
the phrase 'Stop Loss' -- this is a human invented phrase
used to help teach you a concept -- it's not an order type.

Hear me out.

Consider that:
A 'market' order has order type 'Market'.
A 'limit' order has order type 'Limit'.
A 'stop loss' order has order type 'Stop'.

Wait. Did you catch that?

That last one screws up the pattern. Why add the
word 'loss' in there? Can't we drop that word?

The answer is yes.
Buy why do that?
Because it makes the pattern easier to understand.

Ok, so what's the real pattern? What are the foundational
examples of how we should really think of order types?

First, let's agree that every order has one of only three
fundamental types(*), which are,
Market
Limit
Stop

(*) Any other type names are usually slight variations of these
basic fundamental types, such as a 'StopLimit' order, which is
actually a real name for another official order type (whereas
the word 'StopLoss' is just a concept, not an official name
of a real type). A StopLimit order is an advanced order type,
and is easier to understand after you become expert on the
first 3 basic types. So, let's ignore StopLimit for now.

Now, for every order type, there is an order action, which
is either Buy or Sell, which results in these 6 combinations,
Buy/Market
Sell/Market
Buy/Limit
Sell/Limit
Buy/Stop
Sell/Stop

And every one of these 6 order type/action pairs can enter
a position or exit a position. [You must accept that 'StopLoss'
is just a teaching concept, it does not exist in the fundamental
sense of type or action. This is an important realization: the
word 'Stop' is a valid type name, but 'StopLoss' is not.]

Let's say you use a 'Buy Market' order to open a position. By
definition, you are Long, we know that. Your exit orders are
pretty simple -- your profit target orders are 'Sell Limit' orders
and your stop loss orders are 'Sell Stop' orders.

My point is, adjust your thinking to see the order type and order
action pair as the most fundamental thing. To fully understand
the answer to the question you asked, it really helps to think in
terms of these 6 order type/action pairs.

Let's get into these 6 pairs.

Recall all 6 pairs can be used to enter or exit positions,
and by extension, it's easy to see how, by adjusting the
quantity of the order, all 6 pairs can either increase or
decrease existing positions.

Let's focus on the pair 'Buy Stop'.

A 'Buy Stop' can be used to enter or exit a position.
If you are Flat, a 'Buy Stop' will open a Long position.
If you are Long, a 'Buy Stop' increases your Long position.
If you are Short, a 'Buy Stop' closes (or decreases) your
Short position.

Now you can start to understand how a 'Buy Stop' order
can be either an entry order or an exit order.

If it's an entry order (you are either Flat or Long), it is entered
above price and sits there and waits for price to rise to the
StopPrice, at which time the order is executed.

If it's an exit order (you are Short), it's used the same way,
it is entered above price and waits for price to rise to StopPrice,
at which time the order is executed.

Did the light bulb go off? Do you see it?
A 'Buy Stop' is like a 'Buy Limit',
both can be used to open a Long position,
except the 'Buy Stop' is entered above price,
while the 'Buy Limit' is entered below price.

-=o=-

My point is, a 'stop loss' is just a concept, same as saying
'profit target' -- these are just concepts used to teach you
about trading.

These trading concepts are useful precisely because they are
completely independent of trade direction. That is, they apply
equally to both Long and Short positions.

To recap, the 'stop loss' order isn't really an order type, per se,
it is a concept that means you are using a 'Sell Stop' exit order
for Long positions, or a 'Buy Stop' exit order for Short positions.

Here the term 'exit order' simply means the quantity of the
stop loss order is exactly equal to the position size, so that
the order, when executed, closes the entire position. Also,
since we're trying to be exact here, an 'exit order' is also
just a concept, not an order type.

Make sense?

-=o=-

In summary ...

To really understand orders is to pair the type/action together
and understand how each pair is used to affect a Flat, Long,
or Short position.

You should make it your goal to understand these 6 pairs and
how they are used to enter/exit (or increase/decrease) positions.

Work hard to understand 'Buy Stop' orders, and you should soon
see the symmetry it has with 'Buy Limit' orders. There is a similar
parallel symmetry for 'Sell Stop' and 'Sell Limit' orders.

The symmetry of these basic order types is a beautiful thing.

[bltdavid]

how to do this on the chart

I need to place a Long limit order above price.

You can't do that.

By definition, a 'Buy Limit' order must be placed below price.

What you want is a 'Buy Stop' order, which, by definition,
must be placed above price.

-=o=-

Using Chart Trader, right click anywhere below price and
you'll see an option in the menu to enter a 'Buy Limit' order.

But, when you right-click anywhere above price, you should
see the menu options for 'Buy Stop'.

Did you know?
You'll never see 'Buy Limit' and 'Buy Stop' menu options at the
same time. Why? Because NinjaTrader knows where you
right-clicked the mouse (duh), and it knows only certain orders
are valid if right-clicked above price (and it knows to omit the
invalid orders), same if right-clicked below price.

So, right click your mouse above the current price and the
menu options for a 'Buy Stop' order should appear.

[BrendoApex]

Thank you for the detailed reply! It has solved my issue.
I found if I use the centre mouse button on the DOM I get an ATM added too. SLM Orders! Perfect, thank you.