Forex oco order
Welcome to the NinjaTrader tutorial and the forth module, SuperDOM Interactive. In this lesson, we are going to learn about one cancels the other orders or OCO orders.
OCO orders mean that when one of the two orders inside of the OCO bracket gets filled, the other gets cancelled. This is great technique to trade ranges, for example, and this will be our first example. What we are going to do is we are going to use two orders that cancel each other. One sell order at resistance, and buy order at support.
First of all, what we need to do is we need to activate the OCO. So, to activate the OCO, right-click on the superDOM and click on OCO order. You will see right here that the OCO is active now. So, what we are going to do is we are going to place a sell limit order above the market, right here of two contracts, and a buy limit order below the market right here at Because the market is pretty thin buy now, we are going to go ahead and move the buy limit order to the actual market price.
This is just for you to see that, when one of the two limit orders gets filled, the other gets cancelled. Now the order got filled, and the sell limit order got cancelled, once we got long on this trade. To protect this trade, we are going to use an Spread trading futures contracts stop loss and profit taking or limit order.
So, what we are going to do, first of all, we are going to place a stop loss below the current market price. By doing so, we are going to hold onto the control strangle option strategy diagram and press this middle wheel of the mouse.
The OCO is active, so we need a target and we are going to put on the target, right here, at just by left clicking on the sell side of the SuperDOM.
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We have a limit order and a stop order of two forex oco order. Now, if the limit order gets hit, it will mean that our trade is going to be taken out on a profit, and our surplus will be cancelled currency currency exchange foreign forex forextrading system.com trading trading the limit order got filled.
Vise versa, if the forex oco order loss gets filled, we are going to be taken out on a loss, and the limit order will be cancelled.
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And you will be on an unprotected trade without a strategy or without a valid entry. Contact Us Sitemap Affiliate Program Trading in financial instruments carries a high level of risk to your capital with the possibility of losing more than your initial investment. Trading in financial instruments may not be suitable for all investors, and is only intended for people over Please ensure that you are fully aware of the risks involved and, if necessary, seek independent financial advice.
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