Hi Dylan,
With the setting you have, when you get an opposite signal the open position should be closed out. Then when you get a new signal a new position will be opened. If the new signal is a signal to go short then a sell market order will be placed. If a new long signal then a new buy market order will be placed. If you do not get an opposite signal then when the TP or SL is hit the open position will be closed.
Alan,