What type of order?

[StyckwithChrist]

Hey guys. I use range bars as my frame, and one of my strategies includes a stop loss on an order depending on the next range bar's open: if I have an open long position, my short target/loss will take place at the first bar that opens higher than the the previous. Unfortunately, this means that sell limit orders do not work if the market price is already lower than my wanted stop loss. What type of order can I use to have my stop loss executed when the set stop loss equals the current market price?

[NinjaTrader_RyanO]

Hi StyckwithChrist,

Thank you for your post, and welcome to the forum. You can use stop limit or stop market orders to place an order at a particular order if your limit orders will not suffice. Please see the following link on how to place those order types.
http://www.ninjatrader-support.com/H...ManagingOrders

[StyckwithChrist]

Okay. So say the USDJPY is trading at 100.00. I get a buy limit order filled at 98.00 and the market falls to 95. If I wish to set a stop loss at 96 (for if/when the market moves up again) but only so that I am filled at no lower than 96, I'd use a stop limit order? I apologize for the naivety, but I'm new to certain order types.

[NinjaTrader_RyanO]

StyckwithChrist,

That's exactly right as the stop limit order enables you to control your entries and exits by defining the offset that you will accept.

[StyckwithChrist]

Thanks!