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Which order types...
Mechanica Basic offers a variety of keywords for entering and exiting trades:
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BUYCLOSE
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SELLCLOSE
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BUYLIMIT
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SELLIMIT
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BUYOPEN
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SELLOPEN
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BUYSTOP
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SELLSTOP
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Used on which page
Though the particulars of each order type are discussed in the Mechanica Basic reference, in general, here’s how they are used:
LONG entry
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On the Trade Entry page, BUYSTOP and other keywords with the “buy” prefix tell Mechanica the price at which a long position is to be entered.
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LONG exit
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On the Trade in Progress & Exit page, SELLSTOP and other keywords with the “sell” prefix tell Mechanica the price at which long trades are to be exited.
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SHORT entry
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On the Trade Entry page, SELLSTOP and other keywords with the “sell” prefix tell Mechanica the price at which a short trade is to be entered.
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SHORT exit
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On the Trade in Progress & Exit page, BUYSTOP and other keywords with the “buy” prefix tell Mechanica the price at which short trades are to be exited, or “covered.”
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Reference chart
See the logic and the symmetry? Good! The information above has been reduced to a tabular format for easy reference:
Position
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Action
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Keyword prefix
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Page
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long
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entry
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BUY
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Trade Entry
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long
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exit
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SELL
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Trade in Progress & Exit
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short
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entry
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SELL
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Trade Entry
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short
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exit
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BUY
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Trade in Progress & Exit
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The next section discusses how Mechanica processes trades. Then, we’ll review our simple system and discuss entries, exits, and their related Mechanica Basic keywords in more detail.
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