Canceling an order within a 1 minute bar
Author: sshiggins
Creation Date: 2/10/2017 5:40 PM
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sshiggins

#1
Scenario:
You have a strategy that creates an order to be placed on bar+1, but the price along with other indicators start heading in the wrong direction while you wait for the order to be placed and filled.

Question:
Is there a way to evaluate the current price and or some other relevant indicator/s and cancel the order before it is placed and filled?
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Eugene

#2
No.

Please see this FAQ on how processing of orders works in WLP: Is it necessary to have access to intra-bar tick data to daytrade with Wealth-Lab?
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sshiggins

#3
Based on responses to others asking about canceling orders at EOD, I assumed this would be the case. Just wishful thinking on my part.

No ability to trade on tick data a big weakness with WLP. Tick data is not noise if trying to scalp.

thanks,
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Cone

#4
Trading "intra-bar" and with discretion is out-of-scope for a systematic backtesting and trading platform like Wealth-Lab.

That said, if 1-minute bars aren't fast enough for you, sign up for IQFeed and use n-second bars. I wouldn't recommend attempting to trade systematically with less than 1-minute though, but if you must, try with 10-second bars, minimum.
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Eugene

#5
Good suggestion. Scott, note that Second bar scale is not supported by the Strategy Monitor.
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sshiggins

#6
I would welcome the ability to process entries on the minute as WLP can now, but then be able to track the status of open positions in seconds. 1 - 2 minute bars is an eternity when you have positions over $100k. I could sit in front of ATP and close positions, but the goal is not to have to be constantly managing every trade. The automation also takes the emotion out of the trade

Question:
If you open a position in WLP and then close it in ATP, would WLP recover and continue to process entries and exits? Closing positions via a WLP trade ticket is a bit cumbersome. Right clicking a position and closing it in Account Balances and Positions would be a huge help.