You may be saying to yourself These Order Cancellation Lines sound cool and all, but do they cancel any and all orders? Do they cancel all of my orders on all of my accounts? Do they cancel my Stop or Target orders?
These types of questions are very normal when we're dealing with cancelling open orders in the market, and we do not take this situation lightly! As a general rule, we make the following assumptions:
- You only want to cancel orders for the Instrument that is being displayed on your chart where you drew your Order Cancellation Line.
- You only want to cancel orders for the currently selected account for that chart.
- You only want to cancel pending orders to enter the market and only if your current market position is flat.
- You never want to cancel Stop Loss or Profit Target orders
Keeping this all in mind, here are some of the most important things for you to know about what actually happens when an Order Cancellation Line is hit by price so you're not surprised by the results.
- When you draw an Order Cancellation Line on a chart, that means that on that chart you have one specific account selected and one specific instrument that you are trading. For example, you might have a chart open for where the instrument is the current contract of the ES and one of your live accounts selected as the account. This means that by default, if you were to place an order to enter the market, you would be intending on entering the ES market in your selected live account.
- Therefore, when your Order Cancellation Line is hit, it will cancel all open orders to enter the market for the ES and for the currently selected account. The order(s) will only be cancelled if you are flat the market.
- If you have an open order for the same instrument but different account, that order will not be cancelled.
- If you have an open order for a different instrument on the same account, that order will not be cancelled.
- If you are currently in a position for the instrument and account for which your Order Cancellation Line is hit, nothing will happen. This is to prevent any Stop Loss or Profit Target orders from ever being cancelled.
We hope that clears things up for you! Please feel free to let us know if we can make it clearer.