Is anyone experienced with placing stop and limit orders at the same time across their intraday portfolio? What i mean is this:
Let's assume that we have a buy limit order on EUR/USD, but USD strength across the board is dragging down all x/USD pairs. In order to avoid any short USD overexposure across our pairs, an idea would be that for each 1 x/USD stop order, we would have a X/USD limit order (basically a 50% - 50% across our total pending positions). In other words, we would not have a limit and stop order both on ONE pair, but for a currency, such as USD as a whole.
The stop order is basically activated on another pair once our limit order failed on one pair, due to "x" currency strength/weakness. The only problem i see with this is double exposure in case one corresponding currency decides to reverse right at the limit's stoploss.
Have you tried a similar approach in order to control any directional exposure on one currency?
Let's assume that we have a buy limit order on EUR/USD, but USD strength across the board is dragging down all x/USD pairs. In order to avoid any short USD overexposure across our pairs, an idea would be that for each 1 x/USD stop order, we would have a X/USD limit order (basically a 50% - 50% across our total pending positions). In other words, we would not have a limit and stop order both on ONE pair, but for a currency, such as USD as a whole.
The stop order is basically activated on another pair once our limit order failed on one pair, due to "x" currency strength/weakness. The only problem i see with this is double exposure in case one corresponding currency decides to reverse right at the limit's stoploss.
Have you tried a similar approach in order to control any directional exposure on one currency?