two pending orders play offense. This is an order to buy a security if it reaches a price at or above a certain price. Also read Everything you need to know about brokers. Pending orders help traders to automate the process of trading and to remain in the market while being not in front of their.
You might set up a sell limit at or above your target price for a security. You might set this limit just below an apparent support level, on the theory that if this support level is broken, there's no telling how far the price may fall until it reaches a new level of support. Almost all trading platforms allow setting a take-profit as a simple parameter of a position. The only difference is you are buying or selling one currency against another currency instead of buying a Justin Bieber. One-Triggers-the-Other An OTO is the opposite of the OCO, as it only puts on orders when the parent order is triggered. So, if you are trading a bullish trend and you get a breakout in that direction 70 of those moves will come back and test that critical level before they continue. Your trade will remain open as long as the price does not move against you by 20 pips. Markets close, but wed recommend you double check with your broker.
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One-Cancels-the-Other (OCO) An OCO order is a combination of two entry and/or stop loss orders. Basically, a buy limit order lets you enter a trade at a better rate than currently available. That's a lot more than any of us can remain sitting at our computer screens, obsessively monitoring each price tick up and down for all our currency positions and everything we want to. Improving the Risk to Reward ratio by even a tiny amount has a huge effect on any strategy. That's where pending orders come.