Trading Right Off the Chart

[sunilrohira 10]

I am interested in starting a new forum, Trading right off the chart because that is part of the strategy I would like to develop. I also saw another website offereing an indicator that might do that: http://www.customizedtrading.com/addons/s01

 

Is there anyone who might have some insight or suggestions?

 

Thanks in advance.

[Tams 20]

this is not as difficult to do as it sounds...

 

just draw a line... when the price hits the line, send in the order.

 

 

QED

[sunilrohira 10]

Thanks. However, I already do that now. I am more interested in having automatic bracketed orders that trigger automatically when I step away from the computer but available to move around manually when I am in front of the screen. Also a stop is very different from a mental stop which you suggested, since different trading psychology and discipline comes into play.

I prefer hard stops to mental ones.

[Kiwi 16]

Sierra Chart does this as standard with Interactive Brokers and some of the other brokers they support.

 

You can set up multiple bracket for complex strategies. These orders can be adjusted after activation by your own modules.

[diablo272 10]

Ninja also does this.

[diablo272 10]

I just re-read my post and realized it could afford to have more information in it, but I can't edit it anymore, so I have to make this new post. For more information about the Chart Trader functionality of Ninja, click on the link below and in the menu on the left side click on "Order Entry Windows" and then "Chart Trader", and then go from there. Basically, you can place an order on a chart, and then modify your stop and target (after your order is filled) right on the chart. I use this feature for order entry and management, and it is for the most part good.Very usable, at least, and the only other platform I know of that has a feature like this is Sierra, though I don't know how it compares to the one Ninja has.

 

http://www.ninjatrader-support.com/HelpGuideV6/helpguide.html

 

Between Sierra and Ninja, I would try both since they both have free demos (though I'm not sure if you can demo the ATM function of Ninja for free, you can still get a feel for the chart trader). I have heard plenty of good things about Sierra, and I use Ninja personally, and though it does have many salient faults, it also has many good features. One big issue for me right now is that Sierra supports 64 bit and multi-threads, whereas Ninja really does not. And while NT7 is supposedly going to support 64 bit OS, the Zen-Fire API (which is what I use) will not, and I think that at this point in time, that is unacceptable. Part of the reason why I say this is that I have an i7/6GB system sitting next to me (systems like this will become more and more common...6GB isn't even that much RAM anymore, though a 32 bit OS can still only use 3-4GB of that), and I would like to get as much out of it as possible. Of course if you're only talking about memory usage, it's very unlikely that any trading platform is going to be using even 1 GB, so it's kind of a moot point in that regard, but that is another subject entirely, and honestly one that I'm not totally qualified to discuss.

 

So as a Ninja user, I can say that Ninja in its current form is worth using for my style, though I am considering Sierra with DTN IQ for the future.

 

EDIT: I just realized the OP was banned...Oh well, hopefully someone else can use this info.

Edited June 28, 2009 by diablo272

[sunilrohira 10]

I did request the Tradestation support people to include this feature in their future versions. There is a poll to which we can vote on how useful or essential it might be. For TS users, please feel consider voting if you would like this feature since most other platforms offer it. There are however, third party TS add ons that complement TS with this feature.