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What about if you have a system ( like something based on pivots) running
on daily bars that places an order during the trading day, not based on the
previous trading day, and its stop is hit? Will it wait for the next bar to
execute the stop? I'm a little confused and would appreciate some
clarification on this subject.
Thanks,
Pablo
On 2/11/06, Jeremy Lyell <jlyell@xxxxxxxxxxxxx> wrote:
> Many thanks to Bob & Dennis for both clarifying and sorting my questions.
>
> J.
>
> -----Original Message-----
> From: DH [mailto:catapult@xxxxxxxxxxxxxxxxxx]
> Sent: 10 February 2006 13:08
> To: Omega List
> Subject: Re: entry on current bar
>
>
> Jeremy, the advice and code Bob gave you are correct. You just need to
> adjust your understanding of how TS works. *ALL* stop and limit orders
> execute on the next bar, not the current bar. TS issues the order when a
> bar closes and it's active on the next bar. But it's not a problem for
> what you want to do. I'll assume daily bars to make explaining easier.
>
> You asked for:
> Issue an order on the open of today's bar to buy at the yesterday's
> close plus a few ticks. Execute the buy today if your price is hit.
>
> That's exactly the same as the following which is how TS works:
> Issue the order on the close of yesterday's bar to buy at that day's
> close plus a few ticks. Execute the buy the next day (which is today) if
> the price is hit. The only difference from your understanding is that TS
> issued the buy order last night at the close, not this morning at the
> open.
>
> --
> Dennis
>
>
>
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