best practices in implementing bracket orders

[elirion]

Hi experts

Right now I am using this approach to implement bracket orders

1a) EnterLongLimit() or 1b)EnterShortLimit()
2) Wait for execution
3) (1a) or (1b) executed
4) In overloaded OnExecutionUpdate(), place the following bracket orders:
4a) i) ExitLongLimit() + ii) ExitLongStopMarket() or
4b) ii) ExitShortLimit() + ii) ExitShortStopMarket()
5) Wait for execution of (4ai/ii) or (4bi/ii) for either profit taking or stoploss hit

I am thinking what if at (2) my hard-disk crashed and I am not able to get back in the next 2 hours. (1a) or (1b) will be executed since order has been placed, but not (4a) or (4b) because my PC died and my Ninjascript strategy is no longer running. Ultimately I might face huge loss if market moves against me.

Is my thought process correct? Would like to hear your input please.
Or should I send in (4a) and (4b) together with (1a) and (1b) ? Is that a preferred approach ?

[NinjaTrader_BrandonH]

Hello elirion,

Thanks for your post.

Yes, that would be the best practice for submitting a profit target and stop loss order when the entry order is filled.

Here is a reference sample demonstrating submitting protective orders using OnExecutionUpdate() and OnOrderUpdate(): https://ninjatrader.com/support/help...and_onexec.htm

If this pertains to live orders and you see the behavior you noted, please always reach out to your broker's Orders Desk immediately to confirm and manage your live orders and positions.

If your trade(s) are with NinjaTrader Brokerage, you can contact NinjaTrader Brokerage Order Desk by emailing orders[at]ninjatrader.com.

[elirion]

Thanks for the help NinjaTrader_BrandonH