• HOME
  • FLYING AIRCRAFT
    • AeroPlus Aviation Company Website
    • Across Africa Challenge
    • My Flying Blog
    • Self-piloting Safaris
  • CATAMARAN SAILING
    • Sailing the MiniCat 420
  • AFRICA
    • Self-piloting Safaris
    • The Karoo
  • FOREX TRADING
    • Risk Disclaimer
    • My Forex Booklist
    • My Trading Blog
  • OTHER
    • Privacy Policy
    • Privacy Tools
  • FAQ
  • CONTACT

Sjoerd Jan ter Welle

A pilot who doesn't have any fear probably isn't flying his plane to its maximum. - Jon McBride, astronaut

19/12/2015

Setting up One-Cancels-Others (OCO) orders in FX Synergy

Sometimes a price is in congestion and you expect it to move out of its congestion phase but you don’t know in which direction you expect the move to be. In such situations you can setup a one-cancels-others (OCO) conditional order. What you do is that you place two conditional orders: one limit- or stop order is activated when the price moves higher out of the congestion zone and a second limit- or stop order is activated when the price moves down and lower out of the congestion zone. Once one of the two conditional orders is activated it automatically cancels the other conditional order.

In FX Synergy I created two pending stop-orders and then selected the two and created a group. The title is Group 1. Then select that grey titlebar and right click to add the OCO attribute to the group.

Schermafdruk 2015-12-18 10.53.44
Creating two conditional orders and placing them in a group.

Below is a price chart. To demo it I created a simple and very small order. As you see, the price is just shortly in a congestion zone, but enough to demo the OCO setup. Just above the congestion zone you see a green horizontal line which is the buy stop order and further up the tp (take profit) target associated. Of course, the stop-order also has an associated stop-loss. The same is found below the congestion zone where you can just see the green sell stop line.

Schermafdruk 2015-12-18 10.53.58
The chart shows stop-order open and stop-loss positions above and below the short congestion zones.

Below you see that there is only one order left and it moved from the pending order tab to the Market order tabs. The price moved up and activated on of the pending orders and thereby canceling on the other pending order.

Schermafdruk 2015-12-18 11.02.24
One conditional order is activated and the other automatically cancelled out.

 

* Risk Disclaimer

Related posts:

  1. My Personal Trading Rules
  2. The VPOC indicator
  3. Testing the FX Synergy System
  4. Quantifying Risk

Filed Under: Forex trading, FX Synergy, Metatrader 4 Tagged With: Forex, FX Synergy, OCO, Sjoerd Jan ter Welle, sjoerdjanterwelle, Trading, valutahandel

Leonardo da Vinci

“Once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, and there you will always long to return.”

Recent posts

  • Christian Dior by Twinstar Aircraft
  • Trading without Installing Software
  • The Karoo

Expected Return from Forex Trading?

29/09/2014 By sjjan

What is the financial return you can expect from trading forex? It all depends on you and to be honest: I don’t know how well you will do. If you are serious about trading foreign exchange, and you focus on … Continue reading →

Forex Hedging: How to Protect Yourself from Foreign-Currency Risks

04/01/2016 By sjjan

When you do business with companies abroad and get paid in foreign currencies, you might wander if you can protect the business trade against a drop in exchange rate. Lets take an example where you do business with a South … Continue reading →

Follow Me!

Follow Me on FacebookFollow Me on TwitterFollow Me on LinkedInFollow Me on YouTube

Now available on Amazon.com

Now available on Amazon.com

Copyright © 2023 · Sjoerd Jan ter Welle · Doesburg · The Netherlands