On completing the full scan of a watchlist,
Sentient Trader will present you with two windows:
The Trading Report
The Scan Report
The Trading Report
This is a window which presents all trading information
for all scanned workspaces in a clear table format. It is very important to realize that
this is also an action window, in that by means of this window
you can take action upon the orders generated by Sentient Trader
during the scan process, approve orders for cancellation or acceptance, and
also confirm or reject trades that should have been effected.
A trading report window expects some action on your part, and so when you click
on the OK button you should know that you are confirming
all the actions that Sentient Trader has marked for your approval. If you click
on the Cancel button you are also taking an action: you are
ignoring all the actions that Sentient Trader has marked for your approval.
There is a way of postponing any action on your part, by clicking
on the Save & Close button.
There are five tabs along the tob of the window which present different categories
of information.
Cancel Orders: these are
orders which have been previously placed, and which now need to be cancelled, either
because a preferable order has been generated, or because the updated analysis indicates
the trade is no longer advised.
New Orders: these
are newly generated orders, either for new trading opportunities, or preferable
orders which replace existing orders.
Current Orders: these
are all the orders that are currently active (they have previously been accepted)
Open Positions:
all open trades.
Pending Trades:
if price has moved in such a way that an existing order should have been effected
(in other words the trade would have been entered or exited), then a pending trade
is created.
Note that the number in brackets after the tab
name are the number of orders or positions that were found in the scan.
Trade Orders
Trade Orders are presented in the report using Sentient
Trader's standard trade order presentation method.
It is important to note the first column:
Accept/Cancel: This is a box which allows you to
tell Sentient Trader whether you would like to accept a new order
(in which case
it will be added to the chart which generated it), or cancel an existing order (in
which case it is removed from the chart).
Positions / Pending Trades
Open positions, or open trades are presented using
Sentient Trader's standard trade presentation method. It
is important to note the first column:
Confirm: This is a box which
allows you to tell Sentient Trader whether you would like to confirm the trade
(in which case it will be added to the chart which generated it as an open trade
if it was the result of an entry order, or it will be closed if it was the result
of an exit order).
Note that the details of the trades can be entered
into the pending trades table. The actual entry price, number of shares/lots/contracts
can be adjusted to reflect what actually happened in the execution of the trade.
Actions taken after a scan
As mentioned above, the result of performing a scan is not purely informational.
New orders are generated, existing orders need
to be cancelled and possible trades
need to be confirmed. This is a very important aspect of the scanning process.
The first column of each one of the position and order tables is the Accept, Cancel
or Confirm
column. In this column you indicate whether to accept or cancel the order or confirm or reject the pending
trade. Sentient Trader does automatically select orders for acceptance or cancellation,
according to the following guidelines:
All cancel orders are automatically selected to
be cancelled.
The most aggressive new orders are selected. Sentient Trader will produce several
potential entry and exit orders (see the section on trading to learn why this is),
and by default it will choose the most aggressive of all orders proposed for any
instrument. This means that Sentient Trader will choose:
The lowest-priced long entry order.
The highest-priced long exit order.
The highest-priced short entry order.
The lowest-priced short exit order.
There are six buttons at the bottom of the window which
are used to take action on the results of a scan:
Deselect/Select ALL Cancels:
This button provides a simple way of selecting all cancel orders (or deselecting
them if they are all already selected). Selecting a cancel order results in that
order being cancelled.
Deselect/Select ALL New:
This button provides a simple way of selecting all new orders (or deselecting them
if they are all already selected). Selecting a new order results in that order
being accepted.
Deselect/Select ALL Current:
This button provides a simple way of selecting all current orders (or deselecting
them if they are all already selected). Note that selecting a current order
results in that order being cancelled.
Save & Close:
This button allows you to postpone any decisions about actions that should be performed
as a result of the scan. The scan results window is saved, and can be opened later.
When you open the saved scan report all actions can be performed then. Note that
if you don't open the scan report and perform the actions then the workspaces will
remain in an unresolved state.
If the workspace is next opened manually, such as by using the File > Open Workspace
menu then you will be asked to resolve all pending issues on that workspace (confirm
or reject any pending trades, and cancel, accept or ignore all orders waiting to
be cancelled or accepted)
If the workspace is next opened during a scan process then pending trades will be
ignored (treated as "trade not taken & cancel order") and any pending orders
will be ignored (orders waiting to be cancelled will not be cancelled, but will
remain active, and new orders waiting to be accepted will be forgotten)
OK: Clicking
on the OK button will tell Sentient Trader to perform all the actions as selected
in the relevant tables:
if an order waiting to be cancelled is checked
then it will be cancelled, if not then it will remain active in the workspace
a new order waiting to be accepted will be if it is checked, if not it will be forgotten
pending trades which are checked will be accepted as open trades in the workspace.
If a pending trade is not checked then it will be treated as "trade not taken &
cancel order".
Cancel:
Clicking on this
button will tell Sentient Trader to effectively cancel the scan that has just been
performed. It is important to understand the implications of this:
All cancel orders (orders waiting to be cancelled) will be left as they are, in
other words they won't be cancelled.
All new orders will be forgotten, as if you had chosen not to accept them. Bear
in mind that these orders are the result of the updated analysis that has been performed,
and ignoring them breaks the continuity of the analysis & trading process of
Sentient Trader.
All pending trades are left as pending trades, in other words they are still awaiting
confirmation.
Clicking the Cancel button has some far-reaching implications, and you should understand
them before doing this. If you are using the scanning of watchlists to identify
the best trades as described in the
advanced use of watchlists
then you will use
this button between scans.
The Scan Report
This is a text window
which presents the full analysis and trading commentary for each chart in every workspace scanned. The report can be saved as a rich text file (.rtf file) which can be read by any word processing
program, or it can be printed directly from the scan report window.
