re: entry and exit order in queue..

[sev888]

Dear NT,

I have a question about when exit and entry orders get placed into the queue at a specific price.... In this example which order would be filled first at 1005?:

If the market is at 1000, and I have a buy market stop entry placed at 1005 (obviously meaning it will be filled when 1005 is hit). Now If I execute a buy at market order and enter long at 1000, with stop loss of 5 ticks and profit target of 5 ticks (which is now an OCO exit). My question is which order will be first in line, the entry or the exit at 1005?
I would think that my exit order should always be first in line, since the buy stop market entry should not be put into the queue until it's hit and the OCO exit order should have gotten in line once I bought at 1000- correct? or does an OCO order not get in line until the price is hit also? My concern is that on partial fill and then reverse market, I don't want my entry to get filled before my exit was filled. Thanks for your time..

[NinjaTrader_Bertrand]

sev888, first I think you refer to a stop and target of 5 pts, correct? Otherwise they would be placed in the same q / price level (1005).

Which exchange / products are you trading, which orders do they acceppt natively?

Approximating fills can become tricky and also is dependent on your order size and liqudity at that price level as well as the time zone of day where you trade in...

[sev888]

Hi Bertrand,

Yes, when I go long at 1000, the stop market loss is placed at 995, and the profit target limit order is placed at 1005. I'm talking about the ES on the CME, so it's a liquid market (not a lot of spread), and were talking about a 10 lot order (so not substantial size).

I guess the question boils down to, when I go long at 1000 (trade 1) and an OCO order (which as I understand rests on my computer) is placed, does my profit target at 1005 get in line then? or only after 1005 is hit does it get into the queue?

If I have another order (trade 2, a buy stop market order to buy another 10 lot) also resting at 1005, which as I understand goes to market when it's hit, so won't get into the queue until 1005 is hit. My goal is that I want trade 1 to exit it's position 1005 (thus be in line first) before trade 2 enters it's position (at the same price)... My concern is that on partial fill and then reverse market, I don't want my (trade 2) entry to get filled before my (trade 1) exit was filled.

So does an OCO order get in queue when it's initiating trade is executed (at 1000) or does it wait to get into the queue until the price (1005) is hit also? and therefore I can't rely on it being in line before trade 2 is executed?

[NinjaTrader_Bertrand]

sev888, for locally managed OCO setups ( I belive you're on Zen Fire ) the profit target would be in first, while the stoploss resting on your PC 'waiting' to get triggered. The Buystop would need to get hit, but as it's a market order it may get filled before the profit target - as said it's hard to 'predict' which fills you can expect.