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If you were using intraday data I would suggest:
If (date = EntryDate and MarketPosition = 1 and time = Sess1EndTime and
PositionProfit < -5000) then
ExitLong this bar on close;
This should exit any trades entered the same day that are showing a $5000
loss at the end of the day. It won't work on days when the market closes
early and I haven't been able to get around this problem in my own coding.
But as it looks like you are using daily data, you are going to have a
problem where you might have a trade from yesterday where you want a $3500
stop and you might be exiting that trade and entering a new trade where you
want a $5000 stop. So it looks like your strategy might be wanting two
different stops to be active on the same bar.
Maybe you can do something with alternating the Order Names so you can use:
ExitLong("odd trade") this bar at price1 stop;
ExitLong("even trade") this bar at price2 stop;
Aaron
----- Original Message -----
From: <Jdev02@xxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Thursday, December 13, 2001 11:42 AM
Subject: Day of Entry Stops
> I'm having problems with defining a stop for my Day of Entry. On a high
> accuracy S&P system, I want to give the market a little more room on the
day
> of entry. I've tried several approaches that I'm not satisfied with. Can
> someone tell me how to place a $5000 stop that takes me out on today's
close
> if that close is less than $5000 from the entry point or an equiviant
point
> value. The following is my code for my stops past the entry
> day............thanks/John....... jdev02@xxxxxxx .
> If MarketPosition = 1 and close > EntryPrice
> Then ExitLong ("NR7 LxMOC") on Close;
>
> If MarketPosition = 1 and nOpen > EntryPrice
> Then ExitLong (" NR7 LxBail") Market;
>
> If MarketPosition = 1 and barsSinceEntry >= 1 then
> SetStopLoss(3500);
>
>
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