New trade idea in f/x.
Buy Euro versus Aud at mkt, currently 1.2722, with oco exits at 1.2565 and 1.3275
–OCO – One Cancels the Other. Usually refers to S/L and T/P orders with respect to an open position, each of which is represented in an order book so that whoever is responsible for order fulfillment will understand the risk involved with a sharp move up or down in an instrument.
In this example, one would be long EUR/AUD from 1.2722, and would leave orders to sell above (T/P) at 1.3275, and below at 1.2565 (S/L), OCO. The OCO means that once one side is filled, the other side is immediately canceled, thus ensuring that both T/P and S/L orders aren’t filled.
You might be surprised how many times, in the olden days of interbank FX, the lack of a OCO tag resulted in the unexpected origination of an open position for either the original owner of the order, or in many cases, the entity responsible for managing it.
=–Ah i see.Its very hard to find Brokers with OCO now these days….
–Lots of brokers OCO on trading, seems like you made need to change your broker
NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!