Types of Foreign Exchange Orders

Entry Orders: An order used to enter a trade once a currency pair hits a pre-determined price level.

Entry Limit Orders: An order initiating an open position to sell as the market rises, or buy as the market falls. The client believes the market will reverse direction at the level of the order.
a. Buy Entry Limit: An order to buy at a price Below the current market

b. Sell Entry Limit: An order to sell at a price Above the current market.
Entry Stop Orders: An order initiating an open position to sell as the market falls, or buy as the market rises. The client believes that prices will continue to move in the same direction as the previous momentum after hitting the order level.

a. Buy Entry Stop: An order to buy at a price Above the current market.

b. Sell Entry Stop: An order to sell at a price Below the current market.

Limit Orders: A limit order is an order tied to a specific position for the purpose of locking in the gains from that position, while a limit order placed on a buy position is an order to sell. A limit order placed on a sell position is an order to buy. All limit orders remain in effect until the position is liquidated or cancelled by the client.

Market Order: An order to buy or sell which is to be filled immediately at the prevailing currency price.

OCO (One Cancels the Other): A stop-loss order and a limit order linked to a specific position. One order, the stop, is to prevent additional loss on the position, and one order, the limit, is to take profit on the position. When either order is executed, closing the position, the other is automatically cancelled.

Stop-Loss Orders: An order linked to a specific position to close that position and prevent additional losses. A stop-loss order will be executed when the displayed price on GTS touches the order price. The executed price will be the order price or in the case of a fast market the order will be executed at the next displayed price. When a stop-loss order is placed on a buy position it is an order to sell that position. While a stop-loss order on a sell position is an order to buy that position. All stop-loss orders remain in effect until the position is liquidated or cancelled by the client.