I’m new Collective2 (and to the whole financial world) and I would love a little help on the mechanics of placing some specific order types.
I have a system pretty well figured out – I either go long or short each day at opening based on by own technical analysis.
1) Suppose I am LONG in a stock and I want to stay long if the opening price is below $100 (figuring it will go up to at least $100) and I want to REVERSE to a short position if the opening price is above $100 (figuring it will head down to at least $100). (Once I place the order, I then want to hold even if the price crosses $100 later in the day.) HOW WOULD PLACE THIS ORDER IN C2?
2) Suppose I am SHORT in a stock and I want to reverse to a long position if the opening price is below $100 (figuring it will go up to at least $100) and I want to stay short if the opening price is above $100 (figuring it will head down to at least $100). (Once I place the order, I then want to hold even if the price crosses $100 later in the day.) HOW WOULD PLACE THIS ORDER IN C2?
Perhaps I would need something like NinjaTrader?
Thanks in advance for your help! 
Tim Folkerts
[LINKSYSTEM_42185864]
You cannot reverse a position in one signal. You have to close the old position and then open the new position.
I do not know how to trade on basis of the opening price in the way you described. Are you able to do that at your broker, outside C2? If it cannot be done there then it cannot be done at C2 either.
Couldn’t you just place a limit order to sell twice your position? Say you’re holding 100 shares, place a limit order to sell 200 shares at $100, wouldn’t that reverse your position in one order? Same for reversing from short to long, except buying twice your short position.
All sell orders at C2 must be either sell to close or sell to open.
A simple limit order will not do exactly what he describes. Suppose that in the first case he places a sell at limit 100 with TIF = GTC before the market opens. It can be filled just before or just after the market opens, even though the opening price is below 100. So this will do only approximately what he describes. Another approximation is (1) wait until the opening price is known, (2) if it is above 100, immediately submit a market order. I do not know if there are better options.
