Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
For the record, I have been creating my strategies using NJ Wizard (learn how to modify the code to meet my needs) and cut-and-paste from other sample strategies. Am not in a position to share them though the Inside Bar ones seem so far working normal.
Here they come my Entry codes if they may help some of you (though I doubt it) ..
The following for the InsideBarLong strategy:
Replace the Go Long condition for the InsideBarShort strategy:
Note: Both Outside Bar and Reversal Bar strategies are too advanced for me. Will focus on the Inside Bar one LOL!
I tried creating an OCO-type order set once the inside bar forms, but I kept getting errors, so now I just use a 1-range bar and if the high or low of the inside bar is exceeded I place a market order, so I'm going to live with the slippage.
Another approach would be to look at how close to the boundaries of the bar are and if it is close to the top of the inside bar then you place your buy stop order, but then if it moves down towards the bottom then cancel the buy stop order and enter a sell stop order. Basically, you're playing pickle with price until it exceeds one side of the inside bar.
I emailed NJ on how to code a pair of breakout orders in a 6.5 strategy. Here it comes his response:
Quote
This isn't possible with our managed order system in 6.5. You would run into our internal order handling rules. ( Overview)
Methods that generate orders (excluding market orders) to *enter* a position will be ignored if:
* A position is open and an order submitted by an exit method (_ExitLongLimit()_ ( ExitLongLimit()) for example) is active and the order is used to open a position in the opposite direction
* A position is open and an order submitted by a set method (_SetStopLoss()_ ( SetStopLoss()) for example) is active and the order is used to open a position in the opposite direction
* *The strategy position is flat and an order submitted by an enter method (*_*EnterLongLimit()*_ ( EnterLongLimit())* for example) is active and the order is used to open a position in the opposite direction*
This is possible with unmanaged order submission that we introduced in version 7. See here for an introduction to unmanaged orders. ( Unmanaged Approach)
Unquote
I will continue sim-trading both Long and Short strategies and manage them manually.
As a discretionary trader, that easy. You simply don't trade around news, but I wouldn't believe any discretionary (as opposed to mathematical) backtesting.
For an ATS, code a parameter to carve out news time or simply use a button indicator. Super easy.
How far in front of and after a news event do you wait before trading again? What if an inside bar formed inside of the news window, ignore it right? Or you would take it and you just avoid entering trades during the news window, but don't necessarily avoid their candles, right?
If I'm in a trade and it's in my favor or I've moved my stop to entry, I will trade through news. If not, I close out the trade and would wait 5-10 minutes after dissemination.