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So if I understand what you're saying, let's say I do an OCO to buy but I only want my order to trigger when price goes into and then leaves above my buy.
Then my order would only get triggered not when it enters into my initial set up, but only when goes back above it?
Hope that makes sense.
So I would set my condition above my buy price or below?
I'm asking because I saw someone do this today and I couldn't understand why he chose his trigger price below and not above.
It worked but it didn't make sense.
Can you help answer these questions from other members on NexusFi?
For a typical trade with a take-profit and a stop-loss, it is described like this:
BRACKET (
....Entry Limit Order
....OCO [
........Take-Profit Limit Order
........Stop-Loss Market Order
....]
)
The bracket means the Take-Profit and Stop do not become active until the entry order is filled.
The OCO means if the Take-Profit is hit, the stop is cancelled, or if the stop is hit the take-profit is cancelled.
It is also possible to combine multiple brackets and OCO orders. For example, if price is trading in a range and you want to enter when the range breaks, but you don't know whether it is going to break bull or bear, you can setup OCO bracket orders for Stop entries both top and bottom, and that will get you in the market whichever side breaks first, and will also manage the appropriate take-profit and stop orders for each side.
OCO [
....BRACKET (
........Bull Stop Entry
........OCO [
............Take-Profit Limit Order Bull side
............Stop-Loss Market Order Bull side
........]
....)
....BRACKET (
........Bear Stop Entry
........OCO [
............Take-Profit Limit Order Bear side
............Stop-Loss Market Order Bear side
........]
....)
]