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I have to say that I'm disappointed in the reversal capabilities in 11.2.
I trade a very fluid and fast market, the Crude futures. If you want to reverse on that contract, the absolute worst way to go about it is to close out your current direction and immediately open up a new order in the opposite direction. You are just begging for as much slippage as you can possibly get.
The way I trade is to reverse off of the target or stop by increasing contract amounts at either place. If I were long and I immediately wanted to reverse, I would increase the stop contracts and move that sell stop order to the bid. The software would figure out how many of the reversal contracts got taken in and keep building the new stop and target locations with their amounts.
As an added bonus, if the above reversal did not get executed, guess what? You were wrong to reverse and the market is now moving in your originally favored direction. If you still want to reverse, then bump the stop with the extra contracts up to the bid again. And gee, if the market still runs away from you, guess what? You're *still* making money because your decision to reverse was wrong.
A reversal at the stop or target should be just as easy as clicking on the stop or target amount on the chart and the default reversal amount will be *added* to the contract total at that price. The software will just "get it" and understand how many you intend to reverse on. If I click on the quantity again, the reversal amount is taken off.
A reversal at your current location would be just as easy as *automatically* increasing your stop by the reversal size and *automatically* bumping it up to the bid on an original long position or moving it down to the ask on an original short position.
Of course, there's the more sophisticated approach of keeping track of separate orders (which look like one order on your chart or trading ladder) so that you maintain the best position possible in the FIFO queue at the exchange. The downside of this is that you can wind up getting charged by your broker for too many order modifications (e.g., IB keeps track of your modification to execution ratio on futures trading and will start charging extra if it becomes excessive).
In summary, I'm getting *very* *very* disappointed in getting the least common denominator in every new release cycle. I feel like I'm paying Ritz Carlton prices for this annual subscription and I'm getting what I'd expect from a Holiday Inn.
I trade a very fluid and fast market, the Crude futures. If you want to reverse on that contract, the absolute worst way to go about it is to close out your current direction and immediately open up a new order in the opposite direction. You are just begging for as much slippage as you can possibly get.
The way I trade is to reverse off of the target or stop by increasing contract amounts at either place. If I were long and I immediately wanted to reverse, I would increase the stop contracts and move that sell stop order to the bid. The software would figure out how many of the reversal contracts got taken in and keep building the new stop and target locations with their amounts.
As an added bonus, if the above reversal did not get executed, guess what? You were wrong to reverse and the market is now moving in your originally favored direction. If you still want to reverse, then bump the stop with the extra contracts up to the bid again. And gee, if the market still runs away from you, guess what? You're *still* making money because your decision to reverse was wrong.
A reversal at the stop or target should be just as easy as clicking on the stop or target amount on the chart and the default reversal amount will be *added* to the contract total at that price. The software will just "get it" and understand how many you intend to reverse on. If I click on the quantity again, the reversal amount is taken off.
A reversal at your current location would be just as easy as *automatically* increasing your stop by the reversal size and *automatically* bumping it up to the bid on an original long position or moving it down to the ask on an original short position.
Of course, there's the more sophisticated approach of keeping track of separate orders (which look like one order on your chart or trading ladder) so that you maintain the best position possible in the FIFO queue at the exchange. The downside of this is that you can wind up getting charged by your broker for too many order modifications (e.g., IB keeps track of your modification to execution ratio on futures trading and will start charging extra if it becomes excessive).
In summary, I'm getting *very* *very* disappointed in getting the least common denominator in every new release cycle. I feel like I'm paying Ritz Carlton prices for this annual subscription and I'm getting what I'd expect from a Holiday Inn.