Limit Order & Stop Market Order opens a new position instead of closing the existing one on OANDA

ChatGPT suggested using the below. I'm wondering if that is the right approach? It suggested using the Stoploss and TakeProfit that is associated with the market order instead of LimitOrder or StopMarketOrder.

def consolidation_handler(self, sender: object, consolidated_bar: QuoteBar) -> None:
   # ... (previous code)

   for symbol in self.Data.keys():
       invested = self.Portfolio[symbol].Invested
       if not invested:
           # ... (previous code)

           stopLossInPips = self.stopLossTarget * pip * 10
           profitTargetInPips = self.profitTarget * pip * 10

           if current_price <= lowerBand:
               # ... (previous code)

               marketOrderTicket = self.MarketOrder(symbol, quantity)
               marketOrderTicket.StopLoss = stopLossInPips
               marketOrderTicket.TakeProfit = profitTargetInPips

           elif current_price >= upperBand:
               # ... (previous code)

               marketOrderTicket = self.MarketOrder(symbol, -quantity)
               marketOrderTicket.StopLoss = stopLossInPips
               marketOrderTicket.TakeProfit = profitTargetInPips
 

Hey Damian Grabarczyk,

You could simply just buy a position in the consolidation handler and in the orderevent function do the rest. You could do something like this:

def OnOrderEvent(self, orderEvent):
        if order.Status != OrderStatus.Filled:
            return
        order = self.Transactions.GetOrderById(orderEvent.OrderId)
        if order.Status == OrderStatus.Filled and order.Type == OrderType.Market and order.Symbol.Value == 'EURUSD':
            entry_price = orderEvent.FillPrice
            self.limOrder =self.LimitOrder(order.Symbol, order.Quantity, orderEvent.FillPrice - limprice)
            self.stopOrder1 = self.StopMarketOrder(order.Symbol, order.Quantity, orderEvent.FillPrice + stopprice)
        if order.Status == OrderStatus.Filled and order.Type == OrderType.Market and order.Symbol.Value == 'GBPUSD':
            self.LimitOrder(order.Symbol, order.Quantity, orderEvent.FillPrice - limprice)
            stopOrder = self.StopMarketOrder(order.Symbol, order.Quantity, orderEvent.FillPrice + stopprice)
        if order.Status == OrderStatus.Filled:
                if order.Type == OrderType.Limit or order.Type == OrderType.StopMarket:
                   self.Transactions.CancelOpenOrders(order.Symbol) 

Best,

Nico