Support Board

Date/Time: Wed, 24 Apr 2024 05:28:39 +0000

Post From: Using trailing stops for entry

[2013-03-26 22:14:17] Link To Thread - Link To Post [Go To First Post]
User76625 - Posts: 49
I'm trying to figure out a way to have my system generate a sell signal at the close of a bar, and then send an order that will enter short only once the prior bar's close price is exceeded (to the downside) by subsequent bars, as in this scenario: Bar O H L C 1 99 100 99 100 2 100 101 100 100.5 3 100.5 101 99.5 99.0 Bar 1: Signal is given to go short at close of bar - Sell stop level @ 100 Bar 2: No entry yet because 100 threshold (previous bar's close) has not been broken. New level @ 100.5 Bar 3: Enter at market somewhere between 100.5 and 99.0 since the current price broke the previous bar's close price I'm not sure if this is a trade system thing or a type of order I can set up, something like a trailing stop. Actually, I basically want the opposite of what the Chase order does, I think. I want my short order price level to start at the close of the signal bar, then follow the market up (if it goes up) and set a new stop level, and enter only once that stop level is taken out as the market moves back down through my stop level. And vice versa for a long signal and entry.