All orders in this example are reduce only.
I have an open long position of 10 @ $1000
I put a stop market close at $990
the price goes up to $1010, and I decide I want to put a close at $1005.
I can put a stop market close at $1005 and, since it is closer to the price, Binance will take it and automatically expire my previous close. So I never need to cancel the close order.
But what if I do the same with a trailing order, because I need to update the quantity:
When I set a trailing order, I have the activation price (the api lets me send $0 to say the current price) and the callback. Will Binance accept the new trailing order (with a higher activation price) and expire the previous one, even if the new one’s trail (set by the callback) may be further from the price that the existing order (where the trail may be very close to the price) ?