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Date/Time: Wed, 18 Jul 2018 11:02:04 +0000



Using trailing stops for entry

Support Request:
[2013-03-26 22:14:17]
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.
[2013-03-26 23:26:46]
Sierra Chart Engineering - Posts: 61859
See if the one of the Order Types on this page does what you need:
http://www.sierrachart.com/index.php?l=doc/doc_OrderTypes.html

If not, then you will want to use the Spreadsheet System for Trading study:
http://www.sierrachart.com/index.php?l=doc/doc_SystemsAlerts.php



Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.
[2013-03-26 23:46:48]
User76625 - Posts: 49
I thought the trailing stop order would do the job, but the stop level is not increasing with the market price. It stays at the level it was originally sent at.

What I see happening is that the market is at 100 and I send my order to sell short once price falls below 99, and then the market goes up to 101, and my sell stop stays at 99.

What I want to happen is for my stop price at which I'll enter a short position to also increase 1% if the market increases 1% before my original stop price is hit.
[2013-03-27 01:42:13]
Sierra Chart Engineering - Posts: 61859
Try testing this by using a Chart Replay. The Trailing Stop should work fine.

If you have trouble, please provide an image of the chart that shows the Trailing Stop, by following these steps:
https://www.sierrachart.com/index.php?l=PostingInformation.php#Image
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. If possible please keep your questions brief and to the point. Please be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

If your question/request has been answered and you do not have anything further, then it is easiest for us if you do not reply again to say thank you.

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