buy or sell stop order after signal

• 05/11/2017 at 11:20 AM #35189
  victormork

  How can I create a buy stop order after my conditions for entering the market has been fulfilled? So instead of opening the position at the open of first candle I was a stop order to be placed 2 points down.

  (I want to use the idea from the PRT manual p82 of using an order distance but can I do so if my signal is triggered on the last candle and not a predefined level? )

  

  victormork

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  05/11/2017 at 11:36 AM #35192
  victormork

  never mind I think I found the answer

  spread = 2 orderdistance = 2 price=close-(oderdistance+(spread*pipsize)) buy 1 contract at price stop

  1 2 3 4 5

  spread = 2 orderdistance = 2 price=close-(oderdistance+(spread*pipsize))   buy 1 contract at price stop

   

  

  victormork

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  05/11/2017 at 6:41 PM #35234
  Eric

  Maybe you should use limit instead of stop?

  

  Eric

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  05/12/2017 at 7:43 AM #35273
  victormork

  But i want a buy order to be activated when the price is coming down. Isn’t limit when the price break through from below?

  

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  05/12/2017 at 3:22 PM #35341
  Eric

  As i understand it (IG)

  Limit = if you want to set a buyorder or sellorder at a better price than current price

  Stop = if you want to set a buyorder or sellorder at a worse price than current price

  I did something similar (stop instead of limit) and it worked fine in backtest but on demo it failed, so be careful

  

  Eric

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  05/13/2017 at 10:16 AM #35397
  victormork

  Thanks for your input Eric. I’m not going to spend any time on this. After having a closer look at it, the improvements on the result was not good enough.

  

  victormork

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