Hi, can anyone advise on which FX broker allows OCO orders for both buy and sell orders to do breakout trading? I read this on School for Babypips but can’t find a broker which offers this.
Excerpt from School of Babypips:
[I]"One-Cancels-the-Other (OCO)
An OCO order is a mixture of two entry and/or stop-loss orders. Two orders with price and duration variables are placed above and below the current price. When one of the orders is executed the other order is canceled.
Let’s say the price of EUR/USD is 1.2040. You want to either buy at 1.2095 over the resistance level in anticipation of a breakout or initiate a selling position if the price falls below 1.1985. The understanding is that if 1.2095 is reached, your buy order will be triggered and the 1.1985 sell order will be automatically canceled."[/I]