How to Place a Pending Order in MT4
These are trading orders to buy above the market or to sell below the market.
- Buy Stop An order to buy at a point above the price.
- Sell Stop An order to sell at a point below the price.
Buy Entry and Sell Entry Orders
These orders also are known as pending orders. These pending orders are used by 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 trading will automatically be opened & executed.
Buy Stop
In the examples below a buy stop pending was placed to buy at a level above ruling market price.
The trading price then headed up to hit buy stop, & afterward price continued to move upwards.
Setting Buy Stop Order above Resistance Level - How to Place a Pending Order Buy Stop Order on MT4
Setting Buy Stop Order in a Breakout - How to Place a Pending Order Buy Stop Order on MT4
A Buy trade was generated from the above order when the price broke a resistance line in the first example & when there was an upward trading price break-out after a price consolidation pattern.
Sell Stop
In the example shown below a sell stop order was placed to sell at a 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 xauusd trade was generated from the above sell stop order after support line is broken after a consolidation pattern.
How to tell the difference between stop orders and 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 & Sell Stop Orders in MetaTrader 4 Platform Software
Open a Trading Chart, RightClick on xauusd Chart, Choose New Order, then follow the guide-lines below
Step1: Choose Pending order 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 - How to Place a Pending Order on MT4
Study More Lessons and Courses:
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- Buy Limit XAU USD Order & Sell Limit XAU USD Order
- McGinley Dynamic Gold Indicator Technical Analysis in Gold
