Chart trading, is this possible?  [SOLVED]

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tozwp
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Chart trading, is this possible?

Postby tozwp » 01 Oct 2014

Trying to set up an exit strategy using chart trading. Need to have an initial stop loss below the buy price, a break even stop at a price above the buy price and two price targets above the break even stop price. I've tried using the Master Strategy and it looks like I can set up the two profit targets and the breakeven stop loss. What I can't figure out is how to attach an initial stop loss below the market. When I try to attach a stop loss strategy after applying the master strategy, I get an error. I then reversed the order by attaching the stop loss first and then tried to attach the master and got the same error.

I then tried to build the stops without using the master strategy. I am able to place the initial stop loss below the market, the break even stop loss and one profit target. It appears that the quantity at the profit target is 100% and can't be changed. Is it possible to use multiple profit targets and control the amount traded?

Is this exit strategy possible to do with the chart trading tools?

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Andrew MultiCharts
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Re: Chart trading, is this possible?

Postby Andrew MultiCharts » 01 Oct 2014

Hello tozwp,

It is possible to do this with Master Strategy, but you won't have 1 general stop loss, but several stop losses (= number of profit targets = number of levels).

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Re: Chart trading, is this possible?

Postby tozwp » 01 Oct 2014

Andrew, can you demonstrate how to do this? Entry price $10, initial stop $9, breakeven stop $11, profit target for 50% at $13 and profit target 50% at $15.

In the master strategy I have 3 levels. First has profit target at 13, breakeven box checked and stop loss set to 11. Second level has profit target at 15, breakeven stop at 11. Third level has stop loss at 9, not sure what to put in the profit target - a much higher level and set quantity to remainder? Does each level require a profit target even though no profit trade is required at that level? Does the stop loss level use the quantity or does it exit all? Just a little confused regarding how to use the master strategy.

tozwp
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Re: Chart trading, is this possible?

Postby tozwp » 01 Oct 2014

I tried this but not sure if it is correct either as it only shows my initial stop below my entry price order (which is not filled yet).
Level 1: tick set to 0, stop loss set to 9, quantity set to 100.
Level 2: tick set to 0, stop loss breakeven checked, price set to 11, quantity set to 100.
Level 3: profit target set to 13, tick in stop loss set to 0, quantity set to 50%.
Level 4: profit target set to 15, stop loss set to 0 ticks, quantity remainder.

Attached to an unfilled stop limit buy order, this only shows a shaded stop loss under the buy order with none of the other levels shown. Is this correct?

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Andrew MultiCharts
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Re: Chart trading, is this possible?

Postby Andrew MultiCharts » 01 Oct 2014

tozwp,

Can you give me an example with specific chart prices (not the amount of profit or loss)? Like: long entry at 100, first level profit target at 110, second profit target at 120, third profit target at 130, first level stop loss at 95, second stop loss at 90, third stop loss at 85, total breakeven at 101.

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Re: Chart trading, is this possible?

Postby tozwp » 01 Oct 2014

I think I might have answered this above but use this example:

Stop limit buy price $10.
Stop $9 (100%).
Stop set to break even $11 (100%).
Profit target $13 (for 50%).
Profit target $15 (for remainder).

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Andrew MultiCharts
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Re: Chart trading, is this possible?  [SOLVED]

Postby Andrew MultiCharts » 01 Oct 2014

The master strategy configuration would look like this:

Image

Image

tozwp
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Re: Chart trading, is this possible?

Postby tozwp » 01 Oct 2014

Thanks Andrew! I never saw that separate menu next to the stop checkbox.


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