How to Place a Pending XAUUSD Order In MT4 XAUUSD Trading Platform
There are different types of xauusd orders which a xauusd trader can use to trade in XAUUSD.
At the foundation of successful xauusd is making use of the correct xauusd order for its correct purpose. The most important things to remember about is this: Always understand the xauusd orders you place. Never place a xauusd order which you are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of xauusd orders:
Types of Gold Market Orders and XAUUSD Pending XAUUSD Orders
This is the most basic type of xauusd order, market order is used to buy or sell at the current ask or bid xauusd quote gold price. This refers to the quoted gold price that appears on your xauusd platform.
This type of xauusd order is used for buying or selling according to the present exchange rate quotation in XAUUSD, the execution is instant. The minute you want to enter a position you can buy and sell the gold at a click of a button using a xauusd market order.
Entry XAUUSD Orders
These are xauusd orders used to open a new trade position after the xauusd market reaches a xauusd price specified by the xauusd trader.
Entry orders are used to buy or sell a xauusd when it attains a certain gold price target.
When a specific gold price level is reached or broken then a xauusd entry order is executed.
These Entry XAUUSD Orders are used to enter a xauusd trade at a specified gold price level. It is almost impossible to monitor the xauusd market every second and this is why an entry order can be handy. If you feel the xauusd market may take a certain action, such as break through a particular gold price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Gold Order. Once the xauusd market crosses your specified level, your entry limit xauusd trade order is executed.
There are two types of entry orders - limit xauusd order and stop entry order.
These entry orders are also known as pending xauusd orders.
Entry Limit XAUUSD Order
An order to buy or sell at a certain limit.
An entry limit xauusd order can be used to buy below the current gold price or sell above the current gold price.
When buying, entry limit is executed when the gold price falls to your limit level.
When selling, entry limit is executed when the gold price rises to your limit level.
These Entry Limit XAUUSD Orders are placed by xauusd traders when they expect the xauusd market to bounce back after reaching the gold price level at which the entry limit was placed.
- Buy Limit XAUUSD Order
Specifies to buy at a level below the current market xauusd price
- Sell Limit XAUUSD Order
Specifies to sell at a level above the current market xauusd price
Entry Stop XAUUSD Order
An entry stop order to buy above the current gold price or to sell below the current gold price.
When buying, entry stop order is executed as the xauusd market goes up and hits the buy stop level.
When selling, entry stop order is executed as the xauusd market goes down and hits the sell stop level.
- Buy Stop XAUUSD Order
Specifies to buy at a level above the current market gold price.
- Sell Stop XAUUSD Order
Specifies to sell at a level below the current market gold price.