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Date/Time: Fri, 29 Mar 2024 00:25:27 +0000



HEDGING AGAINST LOSING TRADES

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[2022-11-22 03:57:52]
User898917 - Posts: 31
Am I right in saying that Sierra Charts does not support ‘Hedging’?
For example:
1. I place a Long trade (preferably with No Stop and No Target*) at Price Point 100.
2. Price goes Short by 10 Ticks, at which point I place another Long trade at Price Point 90.
3. I now have 2 Long trades, one at PP90, the other at PP100.
4. Price moves back up 10 Ticks to PP100 to break even with trade 1, and trade 2 gives 10 Ticks profit.

If Sierra Charts does support this Hedging strategy, I haven't been able to work it out and I'd be grateful if you could kindly provide instructions how to set this up.

Thanks

*Preferably No Stop & No Target:
No Stop: I follow the price going against me until it reaches a point it begins to bounce back, at which point I add another Buy or Sell according to my initial trade direction.
No Target: I follow both trade positions until the 2nd returns to make the 1st losing trade Break Even and makes a 10 Tick profit at that Break Even Price Point. So the Target is the Break Even Price Point of the 1st Buy/Sell order.

Please view the Nick Shaw video link which shows how this hedging strategy works.
https://youtu.be/hyoNlOVzFc0
Date Time Of Last Edit: 2022-11-22 04:33:27
[2022-11-22 14:59:15]
Sierra_Chart Engineering - Posts: 13611
This is certainly supportive:
For example:
1. I place a Long trade (preferably with No Stop and No Target*) at Price Point 100.
2. Price goes Short by 10 Ticks, at which point I place another Long trade at Price Point 90.
3. I now have 2 Long trades, one at PP90, the other at PP100.
4. Price moves back up 10 Ticks to PP100 to break even with trade 1, and trade 2 gives 10 Ticks profit.

But you cannot have a long and short position in the same trade account for the same symbol at the same time. You need to separate trading accounts for that, one for each position.
Sierra Chart Support - Engineering Level

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

For the most reliable, advanced, and zero cost futures order routing, use the Teton service:
Sierra Chart Teton Futures Order Routing
[2022-11-22 16:14:49]
User898917 - Posts: 31
Ok, so how is it done?
[2022-11-22 18:06:01]
John - SC Support - Posts: 30444
We feel like we are missing something in what you are asking for, as what we read is simply 2 market buy orders - one at 100 and another at 90.

There is nothing special to this - one way to do it is to open the Trade Window and ensure the Order Type is set to "Market" and that the option for "Use Attached Orders" is not enabled. Then when the price gets to 100 select the "Buy" button. Then when the price gets to 90 select the "Buy" button again. You now have two orders with an average price of 95 (assuming same quantity in both orders).

When the price goes back to 100 select the "Flatten" button to close out the trades.
For the most reliable, advanced, and zero cost futures order routing, use the Teton service:
Sierra Chart Teton Futures Order Routing
[2022-11-22 22:15:48]
User898917 - Posts: 31
Thanks . . . already tried that, but instead of creating 2 orders at different Price Entries - 1st at 100, 2nd at 90, it simply increases the 1st order quantity from 1 to 2 at the initial 100 Price Entry.

And, yes, Use Attached Orders is not enabled.

Bit of a conundrum, eh?

Nonetheless, this application is crucial to my trading strategy, and I'd be very very grateful if you could instruct me how it can be configured.

Cheers

PS. I'm attempting to configure this trading methodology via the Trade Window, as I'm not familiar with the DOM which might otherwise be a little too much for my limited abilities :-)
Date Time Of Last Edit: 2022-11-22 22:18:39
[2022-11-22 22:51:36]
John - SC Support - Posts: 30444
We were wondering if this was what you were really asking about. The thing to keep in mind is that Sierra Chart only shows a single position line. We do not have separate lines for multiple positions. The price level at which this line will show depends on what you have defined for how to calculate the Position Average Price. Refer to the following:
Chart Settings: Open Position Average Price (Chart >> Chart Settings >> Trading menu)

But, given what you have stated for the way you are doing your entries, the Position Average price should change to 95, as we mentioned above. It should not stay at 100. But it does depend on your quantities and the prices.

Please try again with the above knowledge and let us know if there are additional questions.
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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