How do you set a stop-loss and a limit-sell on one position?

[thegoatiest]

Hi,
I'm looking into how to trade a breakout.
Say the price breaks out at 6000, you buy in at 6100.. you're looking to take 10% profit. So you'd set a limit-sell at 6610.
However to minimize the risk of the trade going badly you want to put a stop limit at 5900.

How do you do this? I'm currently trading on pro.coinbase.. and as soon as you set a limit-sell, your coins disappear from your wallet onto the order book - which makes putting a stop-loss for that position impossible?
I must be missing something...

Thanks,
G

[1714996302]

1714996302

[1714996302]

1714996302

[allahabadi]

I dunno about coinbase specifically, but you put 2 conditional sells...

Not limit sell or limit buy...

It goes like

If price is less than 5950 SELL

If price is more than 6600 SELL


Now on Binance I know you put in terms, I dunno about coinbase...


But it might help


https://blog.coinbase.com/introducing-stop-orders-on-coinbase-exchange-29755634d674

[Wall_Streeet]

the most important thing you have already done is to develop a strategy and it has a stop line. But take profit should be reduced and analyzed according to statistics

[Awesomus Maximus]

I don't know about coinbase either, but on binance you would have to have a bot to accomplish both conditions at the same time. Either you set your stop loss on 5900 or you set your sell order on 6610. If you use it for one you cannot use it for the other. Now that is on binance, coinbase might be different.

[exstasie]

I'm looking into how to trade a breakout.
Say the price breaks out at 6000, you buy in at 6100.. you're looking to take 10% profit. So you'd set a limit-sell at 6610.
However to minimize the risk of the trade going badly you want to put a stop limit at 5900.

How do you do this? I'm currently trading on pro.coinbase.. and as soon as you set a limit-sell, your coins disappear from your wallet onto the order book - which makes putting a stop-loss for that position impossible?
I must be missing something...

I'm looking at the Coinbase Pro interface, and sadly there doesn't seem to be an option for OCO ('One Cancels the Other'). That's where you set a combined stop order and limit order, and when either price is reached the other is cancelled.

This is one thing I've always appreciated about Bitfinex. They've had OCO orders since 2014.

[thegoatiest]

Thanks for the replies,
exstasie - That's CrAzy?!?  That seems to be an essential part to me. Otherwise you need to spend your life in front of a computer waiting for your moment... no sleep. Pro.coinbase....
I've been considering Bitfinex for a while.. mainly due to the higher volume than coinbase (The buy/sell spread is sometimes way too high on coinbase for my liking) But this OCO is the deal maker.
cheers for clearing this up.
I really can't believe coinbase haven't implemented this....

Is Bitfinex the only high volume exchange you know of that has the option of OCO?
G

[exstasie]

Thanks for the replies,
exstasie - That's CrAzy?!?  That seems to be an essential part to me. Otherwise you need to spend your life in front of a computer waiting for your moment... no sleep. Pro.coinbase....
I've been considering Bitfinex for a while.. mainly due to the higher volume than coinbase (The buy/sell spread is sometimes way too high on coinbase for my liking) But this OCO is the deal maker.
cheers for clearing this up.
I really can't believe coinbase haven't implemented this....

Is Bitfinex the only high volume exchange you know of that has the option of OCO?
G

As far as I know, Bitfinex and BitMEX are the only high-volume exchanges with manual OCO orders. If you're trading using an API, there are more options.

Using OCO orders is really intuitive on Bitfinex, less so on BitMEX. Here's how it works on BitMEX: https://www.reddit.com/r/BitMEX/comments/8hfpb0/how_to_set_an_oco_order/