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

Mar 20, 2020 - 11:01 AM

Viewed 1710 times

https://best-trading-indicator.com/community/bti/forums/3883/topics/15991 COPY
  • 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

    limit-order-OCO-orders-questions.png

    1

    Trade with Plan and Stick to it.
  • 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?

    OCO-explained-data-anonymize.jpg

    1

    Trade with Plan and Stick to it.
  • 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.

    LIMIT-ORDER-SELL-example-BINANCE.png

    OCO-Buy-example-b.png

    2

    Trade with Plan and Stick to it.
  • Hi @rikuhikkake

    Yes OCO is the way to go for setting in parallel 1 Stop Loss and 1 Take profit on Binance

    I think the official Binance video below explained it quite well

    https://www.youtube.com/watch?v=5YtlwWlwE5o

    Binance Academy on Youtube has a lot of cools videos also

    https://www.youtube.com/channel/UC0BNTTRYI7c0MUM5355zMqg/videos

    0

    Dave - Helping traders becoming the best version of themselves
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