Please let me know if this was a simple explanation for you, or if you have a simpler way to describe this type of order!
I have 100 COIN
COIN is currently selling at 1.000 BTC
I want to LIMIT SELL at 1.500 BTC
I want to STOP LOSS at 1.250 BTC
I put in a STOP-LIMIT order for:
STOP: 1.250 BTC
LIMIT: 1.500 BTC
Amount: 50 COIN
When COIN goes above 1.250:
- a LIMIT SELL order is placed for 1.500 BTC, and
- a STOP LOSS order is placed for 1.250 BTC
If the price goes up to 1.300 BTC, then falls back down, the STOP LOSS order will be triggered and sell my 50 COIN for 1.250 BTC.
If the price goes up to 1.500 BTC, my LIMIT SELL order will be triggered and sell my 50 COIN for 1.500 BTC.
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