Posts: 272
Joined: 8/3/2010
Location: Leduc, AB
User Profile We have all been there. You're gung-ho on a particular stock going north, and you go long on a signal with a hard stop in place. What happens next is that you're immediately stopped out. Now what? Conventional wisdom tells you to shy away because the market proved you wrong, right? Well, the idea that the stock should go north might still be intact, it's just that your timing was off. We also know that most of the RTM strategies assume that we're not dealing with a falling knife....
I found a video on how to deal with this (the interesting part is starting @38:15). So what the guy is proposing is to re-enter at the original entry price (he's got some stats to back it up). The question is, how do we go about retaining the original entry price in a TP? As far as I know, it's not possible with the current limitations in Olang...?
https://www.youtube.com/watch?v=-WuQGewpM2o
Posts: 3022
Joined: 9/21/2006
Location: L'ville, GA
User Profile John, this is just one piece of the “Stradicator” paradigm that I’m working on (see TradeTight forum for lots of info and videos).
Dynamic scaling in and out, based on various rule-sets. Requires very complex OLang since std TradePlans can’t handle it.
One of the “basic” concepts it provides for is “Toe-In” initial entry with optional “Confirm” size increase based on scoring rules.
Another “basic” idea is that when score-based “warnings” appear during pullbacks, position size is reduced … if the pullback turns around, shares are added again.
And lots more.
Click here for more info (three very long posts - most info is in second one).
Posts: 272
Joined: 8/3/2010
Location: Leduc, AB
User Profile Hi Jim,
Very interesting. Spent some time watching your videos etc. I have spent years in software development, so I have a few questions in this regard. You mentioned in the first video that the Stradicator is aware of what has happened to a particular symbol in the past (i.e. closed trades etc.).? I would assume that in order to retrieve this information you would have to tap into the OT API.?
Posts: 3022
Joined: 9/21/2006
Location: L'ville, GA
User Profile Nope - that’s not the approach. The TP engine operates as a dos-like script file with no memory from one step to the next. I had to use a “DIY” method, with text files and special interfaces. And a massive TP.
Posts: 272
Joined: 8/3/2010
Location: Leduc, AB
User Profile So all previous opened/closed trades are being added to the text file as they occur then?
So going back to the original question, how would I go about retrieving the last entry price though your TP interface..?
Posts: 3022
Joined: 9/21/2006
Location: L'ville, GA
User Profile The text file’s primary purpose is to help direct the logical flow, timing and actions within the TP, beyond the TP’s normal abilities. The offshoot benefit is that it becomes a full “log” of the trade - retaining all relevant info: symbol, date, time, order type, position size is preserved, as well as the strategy-related reason for the action and the “flow” thru the tradeplan. I’m considering adding more info as well.
So, any text editor (or Excel) can access that info.
Posts: 272
Joined: 8/3/2010
Location: Leduc, AB
User Profile Ok, it's only relevant to me if the TP can access or tap into that info. Will your interface allow for that?
Posts: 3022
Joined: 9/21/2006
Location: L'ville, GA
User Profile Yes but it’s pretty structured. I’m willing to do custom versions once the full 5-Stradicator, 6-TP package is complete.
It’s designed to be as versatile as I can make it.