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Direct MessagesDate/Time: Thu, 25 Apr 2024 09:55:20 +0000
Limit Pullback Question
View Count: 476
| [2021-10-13 15:07:12] |
| Matador Trader - Posts: 24 |
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I am trying to get my orders filled on a market surge. For example, when price touches 100 - I want a sell order triggered, however I don't want to enter just yet. If price continues and spikes to 105, I want my sell order to chase the market by 2.5. So if price hits 105 my sell order should be at 102.50. If price hits 100 exactly and turns around - then my sell order would be at 97.50. I have been looking at the triggered limit function but I can't seem to get it to work like this. Can someone tell me if what I have described is possible? Thanks! |
| [2021-10-13 16:50:23] |
| John - SC Support - Posts: 31098 |
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We are not understanding the scenario that you are describing. If you are wanting to put in a Sell Limit order, then the price has to be ABOVE the current price, or the system will see that you are putting it below the current price and since the current price is a better alternative for a Sell, it will fill that order at the current price. What is the price at which you are wanting to fill the Sell order? For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2021-10-13 17:18:23] |
| Matador Trader - Posts: 24 |
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Let me see if I can do a better job explaining what I would like. For this example I will only deal with the sell side. Say price is currently at 101. I would like a sell limit order to only be filled on a pullback. If I set a limit order to sell at 120 - when market is touched at 120 I want trailing entry order to be placed with an offset of 2.5. (2.5 points below the current market price) If prices surges to 125 - my trailing entry order will trail the market price by 2.5 so I will be entered at market at 122.50 when/if price pulls back. If price goes to 127 - i will be in the market when price pulls back to 124.50 If price goes to 130 - I will be in at 127.50 If price goes to 119 and never touches 120 - I will not be in any trade. If price touches 120 and turns around - my trailing entry order would be filled at 117.50 (2.5 points from the high after my trigger level is touched) Does this make sense? |
| [2021-10-13 18:01:32] |
| John - SC Support - Posts: 31098 |
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Take a look at the Triggered Trailing Stop Limit order type, as this sounds like what you are looking for: Order Types: Triggered Trailing Stop Limit For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2021-10-14 09:02:44] |
| Matador Trader - Posts: 24 |
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I looked at this and tried it with the SIM trading and it just enters me into trades at the limit price. I also tried the triggered limit with chase which seems to be closer to what I am looking for, but it also just enters with a regular limit order. My question now is do these type of orders work with SIM accounts?
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| [2021-10-14 14:13:06] |
| John - SC Support - Posts: 31098 |
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My question now is do these type of orders work with SIM accounts?
They work the same way in SIM as they would in live trading. So the best thing to do is what you are doing - try they out in SIM and see if they work for what you want to do and if so, then you can use them in Live trading. If you are not finding an order type that works for what you want, then you may have to program what you want to do. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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