How to Place a Pending Order in MT4 Platform Software
These are trading orders to buy above the market or to sell below the market.
- Buy Stop An order to buy at a level above the price.
- Sell Stop An order to sell at a price below the price.
Buy Entry and Sell Entry Orders
These orders also are known as pending orders. These pending orders are used by the traders wanting to trade a set up like the consolidation chart pattern but they do not want to wait & watch the prices all day long til there's a price breakout. Hence, traders will set these pending orders above & below gold price and a price break out in any of these direction will execute one of these pending orders & a buy trade or a sell will automatically be opened and executed.
Buy Stop
In the examples below a buy stop pending was placed to buy at a price level above ruling market price.
The trading price then headed up to hit buy stop, & afterwards the price continued to move upward.
Setting and Placing Buy Stop Order above Resistance Level - How to Place a Pending Order Buy Stop Order on the MT4
Setting Buy Stop Order in a Breakout - How to Place a Pending Order Buy Stop Order in MT4 Platform
A Buy trade was generated from the above order when the price broke a resistance line in the first illustration and when there was an upward trading price break-out after a price consolidation trade pattern.
Sell Stop
In the exemplification shown below a sell stop order was placed to sell at a price level below the ruling market price.
The trading price then headed down to hit sell stop, & afterward the downwards trading price move continued
Setting a Sell Stop Order Below a Support Level
Pending Sell Order Set in a Price Break Out
A Sell gold trade was generated from the above sell stop order after the support line is broken after a consolidation pattern.
How to tell the difference between stop orders & limit orders
It's easier to first of all remember one concept. The easier concept is the one of Stop Orders are set above and below the price.
In the mean time Download MT4 platform and practice setting these orders on a Demo Trading Account.
Setting Buy and Sell Stop Orders on MT4 Software
Open a Trading Chart, RightClick on xauusd Chart, Select New Order, then follow the guide-lines below
Step1: Choose Pending order like as shown & illustrated below
Step2: Select Pending order Menu as Show below
Step3: Choose Buy Stopor Sell Stop
Step4: Click 'Place' Order
Steps to Setting These Pending Orders in MT4 Platform - How to Add a Pending Order on the MT4
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