Stop loss Adjustement

[JourneyOfARookie]

Hi,

Trading Forex with always 2 targets but targets are not fixed (based on Fibonacci retracement).

I would like to setup an ATM to move my stop to BE +2 pips when my first target is it (+2 pisp if I'm long, BE - 2 pips if I'm short).

But since my targets are not a fixed amount of pips/ticks, haven't found a way to do it.

Thanks for the help!

[NinjaTrader_Jim]

Hello JourneyOfARookie,

Thanks for writing in today, and welcome to our support forums!

I have received your inquiry and I will submit a full response with instructions to set up this strategy.

Our office is closing soon, so I will not be able to revisit this inquiry until tomorrow.

Thanks in advance for your patience.

[NinjaTrader_Jim]

Hello JourneyOfARookie,

I have reviewed your strategy.

If you require setting the your strategy's profit target to a price level from a Fibonacci Retracement drawing object, you will need to write your own script to access that drawing object. ATM strategies are not powerful enough to read from a drawing object.

This can be done by drawing the Fibonacci Retracement object within your script and using its PriceLevel's to manage your profit target and your breakeven point.

Extracting the PriceLevel from a Fibonacci Retracement tool may look like the following:

FibonacciRetracements myRetracements;
myRetracements = Draw.FibonacciRetracements(this, "fib", true, 20, High[20], 2, Low[2]);
for (int i = 0; i < myRetracements.PriceLevels.Count; i++)
  myPriceLevel = myRetracements.PriceLevels[i].Value;

The Fibonacci Retracement tool may be referenced here for its full use within NinjaScript:

https://ninjatrader.com/support/helpGuides/nt8/en-us/?fibonacciretracements.htm

Examples for accessing the PriceLevels can be found here: https://ninjatrader.com/support/help...ricelevels.htm

The rest of your strategy can be made by using logic to control when you enter and exit.

Oder Methods and management can be referenced here: https://ninjatrader.com/support/help...er_methods.htm

If you do not have experience programming and have interest, I may provide you some direction on how to get started with NinjaScript.

If you do not wish gain experience programming your strategies thorough script, you may create an ATM strategy with an auto-breakeven stop strategy. However you will not be able to place a dynamic Profit Target based on your Fibonacci Retracement price levels.

Please let me know if I may be of further assistance.

[JourneyOfARookie]

Thanks for the reply, I will look into it.

In the meanwhile, how can I set a simple ATM strategy to move stop to BE+2 pips (if long and -2 pips if short) if price hit a specific price ?

[NinjaTrader_Jim]

Hello JourneyOfARookie,

I have attached an image depicting how to create the breakeven point in the picture below:



In the given example, 2 units will be traded on entry with an initial stop loss of 10. After 4 pips of profit the the first unit will trade and the stop loss for the second unit will move to 2 pips away in favorable direction from the average entry price. "Pips in favorable direction" means that the breakeven point will be placed above the entry price if long, and below the entry price if short.

Here is the documentation on building ATM strategies in NinjaTrader 8

ATM Strategies - https://ninjatrader.com/support/help...gement_atm.htm

Stop Strategies - https://ninjatrader.com/support/help...gement_atm.htm

Please let me know if I may be of further assistance.