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Thanks Dennis
Didn't clarify my 'angle' clearly enough. Again...........
> I've been trying to code this and cannot manage it (TS4). This code works
in
> the format /system /stops. However, I cannot configure it manually?
And again.....................
But I need to set these manually as the system I am building consists of
many smaller systems. I figure that if it can be done on the properties page
then it must be able
to be done manually?
..................Sorry, however;
I DO NOT use the built-in stops. Its only after I could not code this
particular scenario I checked to see if it worked from within the built-in
exits, wondering whether or not it was feasible to continue?
After watching live data for a few years the concept of bouncing ticks and
the order (of lack thereof) form O to HL&C is well entrenched.
The MANUAL coding that I've been trying to accomplaish is, among many exits,
a simple 'get out' when a certain scenario happens on entry bar. I have
maybe twice as much work input to get off the boat as to get on it. This one
of a number. And, incidentally, the scenario is to cover the following in
one system (say long):
{Entry at say nxtopen only if it is within a known, set range, say about the
prior close}
Exitlong at nxtopen-999 Stop; {straight money management stop loss, TIGHT}
Not executed? Then......
Exitlong at nxtopen+yyy Limit; {yyy represents an extreme range up move}
Not executed? Then......
If PositionProfit >= zzz then begin {zzz represents a price close to yyy}
Exitlong at nxtopen+((zzz*0.5)/BigPointValue) STOP; {<Obviously won't
work>} {the bar now represents an 'almost' extreme range which by the
MANUAL price levels set can only represet a bar with open a few ticks from
the low and the high way above.} Issues with bouncing ticks or OLHC OHLC;
hopefully I've covered?
This exit scenario works well on bars other than entry bar. Only IF?
Also thanks Mark, I believe you have answered in light of protection for
worst case situations as novices like myself can and have gotten into.
Regards
Jon
----- Original Message -----
From: "DH" <catapult@xxxxxxxxxxxxxxxxxx>
To: "Omega List" <omega-list@xxxxxxxxxx>
Sent: Thursday, 01 November, 2001 10:47 AM
Subject: Re: Manual Risk Trailing Stop after Floor on Entry Bar
> > Mark, I do not really undestand the basis of your comment.
>
> I'll see if I can be a little more diplomatic about it than Mark. :-)
>
> In general, you don't want to have more than one trade per bar because,
> looking at an OHLC bar, you don't know the order the ticks came in.
> Which happened first, the high or the low? Did it swing several times
> between the high and low that day? Did you enter, immediately get
> stopped out for a loss, and then watch the market move the way you
> thought it would? There is no way to tell from only 4 OHLC data points.
>
> The built in TS stops will make an assumption about the tick order but
> it's just that, an assumption. TS will happily report profitable trades
> that would have been losers realtime. The built-in stops can't be
> trusted and you should never ever use them. The reason you can't code
> stops in EL that work the same is because the built-in stops are fake
> and EL only lets you code things that are real. :-)
>
> Bottom line, if you want to trade more than once a day, you need
> intraday data.
>
> --
> Dennis
>
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