Keeping It Simple

[Bankedout]

Quote from Bankedout:

Off topic:

Does anybody know how to attach an exit stop order to an entry stop order with IB?

Meaning if I wanted to place an order like this, how would I do it?

-----------------------------------------------------------------------------------
Sell 1 contract ES stop 901.75 limit 901.50

*****if that fills, submit this order*****

Buy 1 contract ES stop 904.25 limit 904.50
-----------------------------------------------------------------------------------

I'm pretty sure it's possible to attach the two together with either Trader Workstation or one of the little programs that is based off of the platform.

Any help would be appreciated.

Banker

Better late than never.

In TWS you do it like this:

1. Make a limit order to enter the market.

2. Right click on that order and select "Attach a stop".

3. Click back on your limit order and pull up the order ticket.

4. Change the limit order to a stop limit.

5. Submit the order.

When the stop limit fills, the exit stop is immediately placed for you. You can adjust the stop trigger method to your liking if you wish, before you submit the pair.

A world of thanks to IBD staff member Steve from Hong Kong. I hope some of you find this helpful also.

Happy trading,

Banker

 

[mojo59]

This mornings breakout trade was an example of do I fade the gap even though it is less than 1% or wait for the first 1/2 hour high or low to be broken. If you had faded the gap this morning, you would still be in the trade and if you had waited until after 10:00 for the breakout you would be stopped out -5. I did neither today which I guess can be looked at two ways. Didn't lose but didn't win either. Oh well.

 

[dbphoenix]

Since the gap was only a half point, there was nothing to fade. If there had been, I would have taken the risk since there was a move up of sorts during the first few minutes.

However, when there is no gap, traders tend to find their way during at least the first ten minutes or so. That gives you something to work with.

There's always the "strategy" of bracketing the open and taking what comes. But mornings like this are so rare, I'm not sure it's worth it. I may backtest it one of these days, though.

--Db

 

[dbphoenix]

I really hate missing a full-range day like this. What's strange is that the market would sell off after the open, as if there were a lot of MOO sell orders, but who would do that other than retail? If the Intel news were that big a deal, there should have been a gap.

Oh, well, there may be a reversal, but I don't know if I'm going to hang around for it.

--Db

 

[jstormbo]

es gave me a fair play this morning. set the b/o range at 22.5 after stopping there at 9:48 and 9:57. Then took the short b/o at 21.5 at 10:00am. Covered 1/3 for 3 within about 10 minutes and then resold it on the retracement at ~10:39. I covered 2/3 at target of 16 and then am holding one for kicks in case we break lows this afternoon before I get stopped. 14 points/3 lot so far with one to go.

 

[GeeTO69]

js, reasonable and effective way to play it. What was your stop loss on the initial short and then the re-short at resistance?

 

[jstormbo]

3 points has been working pretty well for me for the initial stop generally but I may vary that depending my analysis of where critical resistance may be. Since the re entry was also at 21.5 I stuck with the original stop. I've got my stop on this last lot at 19 just above that last swing. I'm just holding that one incase the 2:00pm report does something to break down further.

 

[mojo59]

Quote from dbphoenix:



Since the gap was only a half point, there was nothing to fade. If there had been, I would have taken the risk since there was a move up of sorts during the first few minutes.

However, when there is no gap, traders tend to find their way during at least the first ten minutes or so. That gives you something to work with.

There's always the "strategy" of bracketing the open and taking what comes. But mornings like this are so rare, I'm not sure it's worth it. I may backtest it one of these days, though.

--Db

Db,
I had the close yesterday at 1093 and the open today at 1099. Is my data wrong?
mojo

 

[dbphoenix]

Quote from mojo59:


Db,
I had the close yesterday at 1093 and the open today at 1099. Is my data wrong?
mojo

I show the close yesterday as 1098.5.

So if you showed a gap, you didn't have any excuse for not taking the trade, did you, Jerry, did you, did you?

--Db

 

[inandlong]

Quote from dbphoenix:



I show the close yesterday as 1098.5.

So if you showed a gap, you didn't have any excuse for not taking the trade, did you, Jerry, did you, did you?

--Db

I get the humor this time... and I like it.

I just don't like arrogance... never have. I prefer humility. Not pointing any fingers... I'm just sayin'!