Trade Set Buy Limit Order and Sell Limit Order on MetaTrader 5

Trading Set Buy Limit Order and Sell Limit Order on MT5

Setting Buy & Sell Limit Orders on MT5

To set up these pending orders in MT5 software, Right Click on XAUUSD Trading chart>>> Select 'Trading'>>> Then Select 'New'>>> Then on the popup window that appears (illustrated and shown below), under the label 'Type' select option of 'pending' instead of 'market execution'>>> Under the pending order options choose the pending order type: for This trade select either "Buy Limit Order" or "Sell Limit Order" based on whether you want to set pending buy or sell order.

Gold Pending Orders - Setting Buy and Sell Limit Orders on MT5

Limit order meaning - Pending limit order is an order to buy or sell xauusd at a certain price which is a pullback area where price is predicted to pullback to before it resumes the original XAUUSD trend. Traders use them to buy or sell at better price. These pending order types are provided in most online platforms, for our example we will use the MT5 software.

An entry pending order of this type can be used to open buy below the market level (up trend market pull back) or sell above market level (downwards market trend pullback).

Buy limit - When buying, your entry buy limit is executed when market falls to your set price. ( pulls back down )

Sell limit - When selling, your entry sell limit is executed when market rises to your set price. ( pulls back upward )

Pending orders are placed by traders when they expect price to bounce back after reaching to this point.

• Pending Buy Limit Orderbuy at a level below the current market price.

• Pending Sell Limit Ordersell at a level above the current market price.

Buy Limit Order Example

In the example shown below, the buy limit was set to open buy at price below the prevailing market price. Point Marked B is point that it was set.

Trade Set Buy Limit Order & Sell Limit Order in MetaTrader 5

The trend then retraced & went down to hit buy entry limit, & afterwards price continued to move up-wards in the direction of the original Gold upwards trend. When limit buy order was hit it changed in to a buy.

Trade Set Buy Limit Order & Sell Limit Order in MetaTrader 5

Sell Limit Order Example

In the sell limit pending order example illustrated & shown below a the sell entry limit was placed to sell at a price above the prevailing market price. This is the level for the price pullback.

Set Buy Limit Order and Sell Limit Order on MT5?

The trend then rallied, went up to hit sell entry limit, and afterwards price continued to move down-wards in the direction of the original XAUUSD Trading down-wards trend.

Set Buy Limit Order and Sell Limit Order in MetaTrader 5?

When xauusd quote hit the set level the order changed to a sell, this is therefore a nice strategy to buy or sell at better price after a pullback.

Interpret & Set Buy Limit Order and Sell Limit Order in MT5