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View Full Version : Changing stop 2 breakeven after 3rd profit target reached


grego
06-16-2010, 06:11 PM
I want to scale out of a profitable position after certain profit targets are reached, and then have my stop move to breakeven (or trail) but only after the 1st or 2nd contract has been closed

eg: I go long 3 contracts with an 8 tick stop on all 3 contracts -I sell one contract at 4 ticks profit- sell 2nd contract at 8 ticks profit - let 3rd contract run with the stop then moved to break even or alternatively have the stop trail the 3rd "running"contract by a few ticks.

I have tried setting it up in the ATM and the closest I can get is
sell 2 contracts at 4 ticks profit with the 3rd contract set at a larger profit level (say 20 ticks) with the stop moving to breakeven when the a profit target of say 8 or 10 ticks is reached

Help please

Thanks
Greg

NinjaTrader_RyanO
06-16-2010, 06:18 PM
Hi Greg,

Thank you for your post.

This ATM strategy would be a 3 target ATM strategy. The stop loss order for each target would be the same, but for the first target the profit order would be 4 ticks, the second would be 8 ticks, and the third would be 0 so that not profit target order is input.

Then on the third target you would apply a stop strategy with an auto breakeven of 8 ticks for the profit trigger.