XAUUSD Set Buy Limit Order & Sell Limit Order on MetaTrader 5

Trading Set Buy Limit Order & Sell Limit Order on MetaTrader 5 Platform

Setting Buy & Sell Limit Orders on MetaTrader 5

To set up these pending orders in MT5 platform, Right-Click on chart>>> Select 'Trading'>>> Then Select 'New'>>> Then on the popup window that appears (illustrated & displayed 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" depending on whether you as a trader want to set pending buy/sell trade order.

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

Limit order meaning - Pending limit order is an order to buy/sell gold at a certain price which is a pull back area where price is predicted to pull-back to before it resumes the original XAUUSD trend. Traders use them to buy/sell at better price. These pending order types are provided for in most online platforms, for our example we will use MetaTrader 5 platform.

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 (down-wards market trend retracement).

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

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

Pending orders are set by online traders when they expect price to bounce back after getting 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 ruling market price. Point Marked B is point that it was set.

XAUUSD Set Buy Limit Order and 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 XAUUSD upward trend. When limit buy order was hit it changed in to a buy.

Gold Set Buy Limit Order & Sell Limit Order on MT5

Sell Limit Order Example

In the sell limit pending order example illustrated and shown below a the sell entry limit was placed to sell at a price above the ruling market price. This is the level for the price pull back.

Place Buy Limit Order & Sell Limit Order in MT5 Software?

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

Place Buy Limit Order & Sell Limit Order in MT5 Platform Software?

When gold quote hit the set level and the order changed to a sell, this is hence a nice strategy to buy or sell at better price after a pull back.

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