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Straddle means taking both sides of an issue. Straddling in Forex usually refers to placing two pending orders above and below the current price or rather exchange rate. This technique is common when you believe the market is in a range mode and when the price approaches any of those levels either bounces back (fading breakout) or crosses the level heavily (trading breakout). Depending on your perception of the situation you may place limit orders on those levels to fade the breakout or stop orders to trade them.

Relevant article: A semi-automatic straddling Expert Advisor

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