"Inconsistency" in setting Profit Taking Stop Order when going LONG?

[Luke7t 2]

Hi BBT,

Good day and this is Luke here. I have faced some "inconsistency" in the way the "physical" Profit Taking order are being set. Let me run you through with 1 example when going LONG (May 6 ticker $VIAC)

1) May 6 2021 9:24:13 (First attempt to set a profit taking point)

                     Positions - Long 58 shares. AvgCost $40.18

                     Orders-       Stop Order, Side "S", 58 shares, Type SM: $40.06

Both the Entry and Stop Loss were set using Kyle's fixed $ Risk Hotkey at $7 risk.

Here, I am about to set a "Take Profit" order at $40.3, double clicked on chart (price also shown in Montage)

2) May 6 2021 9:24:27 (Profit Taking Stop Order sent)

                     Positions - Long 58 shares. AvgCost $40.18

                     Orders-       Stop Order, Side "S", 58 shares, Type SM: $40.06

                                           Stop Order (Profit taking), Side "SS", 18 shares, Type "L", at $40.3         (also see the flag)

The above two screenshots showed everything works as expected.

However, fast forward to a later timing, when I tried to set another "Profit Taking" Stop Order...

 

 

3) May 6 2021 9:31:04 (Second attempt to set Profit Taking Stop Order)

                     Positions - Long 20 shares. AvgCost $40.18

                     Orders-       Stop Order, Side "S", 20 shares, Type SM: $40.06

Here, I am about to set another "Take Profit" order at $40.5, double clicked on chart (price also shown in Montage)

 

4) May 6 2021 9:31:12 (Moment when I initiate the Profit Taking Stop Order)

                     Positions - Long 20 shares. AvgCost $40.18

                     Orders-       Stop Order, Side "S", 20 shares, Type SM: $40.06

                                           Stop Order, Side "SS", 10 shares, Type SL: $40.06, Price $40.5 (also see the flag)

Why I was not seeing what happened in Picture 2) above? When I expected to see something like "     Side "SS", 10 shares, Type "L", at $40.5"      "?

Also, it seems there is "another" flag that shows up underneath the original Stop Loss Flag "SM 20 40.06"...

 

Why did the first attempt to set Profit Taking Order work, but the second attempt didn't?     (You can click the picture and cycle thru them in chronological order for easier references)

and What happened in the second attempt?

Thanks for your help!

Edited May 7, 2021 by Luke7t
Typo

[Luke7t 2]

I spent 4-5 hours trying to review what happened, it was a struggle to find out what went wrong.

I was too obtuse to see it. Thanks for pointing it out! @peterB

Now I realized I when updating the Stop Loss Order to fit my latest share size, the moment I double clicking it, the route would auto switch to SMATS, (I don't know what it does though.)

After seeing your reply, and trying in DAS, there is no more issue!

Limit route is what I need. Always check it out

[KyleK29 260]

On 5/7/2021 at 8:21 AM, Luke7t said:

I spent 4-5 hours trying to review what happened, it was a struggle to find out what went wrong.

I was too obtuse to see it. Thanks for pointing it out! @peterB

Now I realized I when updating the Stop Loss Order to fit my latest share size, the moment I double clicking it, the route would auto switch to SMATS, (I don't know what it does though.)

After seeing your reply, and trying in DAS, there is no more issue!

Limit route is what I need. Always check it out

 

It defaults to SMATS or STOP after a STOP has been set. This is caused by using a hotkey that isn't right for your broker. For IBCO users, the routes are SMRTL (Limit) and SMRTM (Market). For all others, it's LIMIT and MARKET.   When it can't find the route the hotkey requests, it causes this to occur (among some other things). 

 

Even with Reset to Default set for the montage, DAS won't set away from the STOP route sometimes so I'd recommend always setting the route in the hotkey, it solves a lot of headache. I have requested some changes in DAS to hopefully solve this issue in the future (whenever they implement it).

Edited May 12, 2021 by KyleK29

[Luke7t 2]

18 hours ago, KyleK29 said:

 

It defaults to SMATS or STOP after a STOP has been set. This is caused by using a hotkey that isn't right for your broker. For IBCO users, the routes are SMRTL (Limit) and SMRTM (Market). For all others, it's LIMIT and MARKET.   When it can't find the route the hotkey requests, it causes this to occur (among some other things). 

 

Even with Reset to Default set for the montage, DAS won't set away from the STOP route sometimes so I'd recommend always setting the route in the hotkey, it solves a lot of headache. I have requested some changes in DAS to hopefully solve this issue in the future (whenever they implement it).

Thanks Kyle for checking out this post. I was testing it out in the DAS Trial.

In one of your tutorials, you taught us

1) how to set profit taking stop order (double click on chart where we want, key in share size, click "SHRT" if we were LONG)

2) how to then update the Stop Loss to meet the latest share size if we took any partial either with hotkeys, or when the price hit profit taking stop order) 

I realized it was that, in 2), whenever I attempt to update the Stop Loss (using your way, by double clicking the Stop Order, then go to the Montage, click "P", and then "RPL")

The moment I double clicked it, the route would change to SMAT.

So the next time I repeat 1), I have to be sure to change the route from SMAT, back to LIMIT for it to work properly.

 

[Luke7t 2]

On 5/13/2021 at 6:54 PM, peterB said:

Alt+3:Update stop with position:;CXL ALLSYMB;Route=Stop;Share=Pos;StopPrice=Price;StopType=MARKET;TIF=DAY;Send=Reverse;

i use that hotkey for that

or this one

Alt+1:SET STOP LOSS to B/E:~ 120:;CXL ALLSYMB;Route=Stop;Price=AvgCost;StopType=MARKET;STOPPRICE=AvgCost;StopPrice=Round2;Share=Pos;TIF=DAY;Send=Reverse;

and then move it on the chart wherever i need it

Great! Thanks Peter. I am gonna try the hotkeys out once I got my DAS simulator, perhaps next week... (the trial had ended)

[Luke7t 2]

 

On 5/13/2021 at 6:54 PM, peterB said:

Alt+3:Update stop with position:;CXL ALLSYMB;Route=Stop;Share=Pos;StopPrice=Price;StopType=MARKET;TIF=DAY;Send=Reverse;

i use that hotkey for that

or this one

Alt+1:SET STOP LOSS to B/E:~ 120:;CXL ALLSYMB;Route=Stop;Price=AvgCost;StopType=MARKET;STOPPRICE=AvgCost;StopPrice=Round2;Share=Pos;TIF=DAY;Send=Reverse;

and then move it on the chart wherever i need it

Good day PeterB!

Q1) What is the difference between the top script and the bottom script?

Is it that

Top script: update stop loss with the Latest Share Size, to any price level we double click on the chart

Bottom script: update stop loss with the Latest Share Size,  bring stop loss to the Breakeven price level (auto calculated)?

 

Q2) If the above is correct, is there a hotkey that will update the stop loss with Latest Share size, without changing the Original Stop Loss Price Level?

Thanks!

[Luke7t 2]

Thanks PeterB!