During my research for a broker, I found out that Forex.com offers OCO (one cancels the other) orders. Whereby if you place a long and short order on the same currency pair, when the first order gets filled, the other will be closed automatically. This seems to me to be much safer than doing a normal straddle. The Forex.com rep. said there is a way to structure the trade so that you wind up on the end of the winning move even if there is a whipsaw. Has anyone used OCO orders for trading news announcements, and if so, what downside is there, if any?
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