My TP/SL did not close my position as the price kept moving in a single direction.

A stop-limit order works in two stages:

When the trigger price is reached, it places a limit order at the specified limit price.

That limit order will then attempt to execute at that price or better.

However, if the market falls through your limit price and doesn’t recover, the limit order may remain unfilled, creating the impression that the stop-limit didn’t work. In reality, it worked as intended - it just couldn’t execute because the market moved past your limit.

To guarantee that your position closes once the trigger is hit, consider using a stop-market order instead of a stop-limit order. Stop-market orders prioritize execution, while stop-limits prioritize price. Especially if using stops to prevent liquidation, we highly recommend using stop market orders to guarantee execution.