Is it possible to place 1 limit-order + 1 SL + 1TP at the same time using BINANCE?

Riku_Hikkake

Riku_Hikkake Mar 20, 2020 - 11:01 AM

I know the BINANCE broker offers videos and tutorials but not tailored to my brain. Therefore, I have a question.

I would like to know if it is possible to place AT THE SAME TIME one limit-order + one SL + one TP?

My understanding is that I have to place first a limit order then a second order OCO to add SL and TP.

Summary

Limit-order first
OCO (SL+TP) second

Am I right?

Thank you very much for your kind support.
Best,
Riku

1

Trade with Plan and Stick to it.

Riku_Hikkake

Riku_Hikkake Mar 20, 2020 - 11:18 AM

OCO order types (BTC/BUSD examples)

BUY
Price: the price at which you BUY as a limit-order
Stop: the price at which you place your stop-loss BELOW entry price
Limit: the last price at which you accept stop-loss order placement (slippage)
Amount: the amount of coins
Total: the amount of BUSD (for example)

SELL
Price: the price at which you SELL as a limit-order
Stop: the price at which you place your stop-loss ABOVE entry price
Limit: the last price at which you accept stop-loss order placement (slippage)
Amount: the amount of coins
Total: the amount of BUSD (for example)

Am I right?

1

Trade with Plan and Stick to it.

Riku_Hikkake

Riku_Hikkake Mar 22, 2020 - 10:14 AM

BINANCE OCO order page explanation:
https://www.binance.vision/tutorials/what-is-an-oco-order

To illustrate I have created an example and would like a confirmation by SENSEI @daveatt

In Case of a SELL:

ORDER n°1 (SELL)
Order 1: Sell Limit-order

ORDER n°2 (BUY)
Order 2a: OCO Limit-order (TP price)
Order 2b: OCO Stop-Limit type - Limit (actual SL price)
Order 2c: OCO Stop-Limit type - Stop (SL trigger price)

2 order types are MANDATORY on BINANCE to place an order 1 to BUY or SELL then place an order 2 to TP and SL + trigger.

Can you please confirm that?

for a BUY the opposite is TRUE?

Order 1 BUY Limit order
Order 2 SELL OCO
LIMIT - Limit: TP
Stop-Limit - Limit: SL
Stop-Limit - Stop: SL trigger

I know it sounds like a James Bond movie and I also think that it would be way easier on BINANCE to place an order to BUY or SELL and TP and SL at the same time instead of having to place 2 separate orders with the risk to get volatility against you without the time to place the OCO if working a m5 time-frame for example.

Thank you for your kind support.