Position Size is 4 contracts
Primary StopLoss = 12 points
Target 1 = 20 points Exit 1 contract Move stop to 2 points below the 20 point target
Target 2 = 30 points Exit 1 contract Move stop to 2 points below the 20 point target
Target 3 = 40 points Exit 1 contract Move stop to 2 points below the 20 point target
Target 4 = 50 points Exit 1 contract Move stop to 2 points below the 20 point target
If SL1 is hit, close full order
When TP1 is hit sell 1 contract from LOTSIZE and now make SL = TP1 - 2 points $118 (example: price was 100 at execution, now price made it to 120, TP1 hit, 1 contract sold, now 3 contracts remaining with SL of 118 - if 118 is hit all three contracts will be sold)
When TP2 is hit sell 1 contract from LOTSIZE and now make SL = TP2 - LADDER $128 (example: from above, 3 contracts were left, 1 we just now sold at 130, now 2 are left, set SL to 128)
When TP3 is hit sell 1 contract from LOTSIZE and now make SL = TP3 - LADDER $138 (example continuing from above, we just sold 1 contract at 140, now 1 contract is left and set the SL to 138)
TP4 is hit at 150, final contract is sold, nothing left to do
Can this be done using the managed orders? Can I do it without manually monitoring market data and issuing ExitLong or ExitShort for each 1 contract to scale out?
So if this can't be done with managed orders, how do you do it unmanaged?
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