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Hi Riley,
It appears you did everything correctly but it's important to get the
terminology right. TS has its own screwy language for orders but I
assume you're talking about orders a broker (especially a futures
broker) will understand.
Long 2: an open position that is long 2
Buy 2: just that, doesn't matter what your position is
Short 2: an open position that is short 2
Sell 2: just that, doesn't matter what your position is
So, if you are long 2, and then you sell 4, you are now short 2.
> So I entered a STOP order: Short STOP at 1096.50
Good. That would be Sell at 1096.50 Stop
> When I returned returned at 12:11pm I noticed the price is below 1095 and I
> gathered I must be stopped in, my short position is at 1095 at 12:08pm
Good to get confirmation before you assume anything. Sometimes orders
don't get done for whatever reason. Not knowing if you are in or not is
the worst feeling in the world.
> I immediately opened 2 orders:(1) Stop Loss Long 1097
Good. That would be Buy at 1097 Stop.
> (2) Profit Target Long 1090
Good. That would be Buy at 1090 Limit
> (1) Am I allowed to have two opened Long orders existing
> at the same time?
Yep. Just make sure, if one of your orders gets filled, you cancel the
other one or you may find yourself long when you wanted to be flat.
> When the price then move to 1093 at 12:39pm, I moved my Stop Loss to Long
> 1095 so that my trade is now a break even trade.
Good. That's a cancel/replace: new order is Buy 1095 Stop.
> (Question (2) is it rational to leave Profit Target untouched?
Generally yes but it's a judgement call. If you keep moving it away, it
will never be filled. Presumably you had some good reason to pick Buy
1090 Limit in the first place.
--
Dennis
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