Trading XAUUSD Set Buy Limit Gold Order and Sell Limit Gold Order in MT4

How to Set Buy Limit Gold Orders and Sell Limit Gold Orders on MetaTrader 4

Setting Buy and Sell Limit Gold Orders in MetaTrader 4 Software

To set up these pending xauusd orders on the MetaTrader 4 platform, Right click on XAUUSD chart>>> Select "Trading'>>> Then Select 'New">>> Then on the pop up panel that pops up (illustrated below), under the label 'Type' select option of 'pending' instead of 'market execution'>>> Under the pending xauusd order options select the pending xauusd order type: for This trade select either "Buy Limit XAUUSD Order" or "Sell Limit XAUUSD Order" depending on whether you want to set a pending buy or sell order.

XAUUSD Pending Gold Orders - Setting Buy & Sell Limit Gold Orders in MT4

Limit order definition - Entry limit is an order to buy or sell a XAUUSD at a certain gold price which is a retracement level where gold price is predicted to pullback to before resuming the original XAUUSD trend. XAUUSD traders use them to buy or sell at better market price. These types of pending orders are available in most online xauusd platforms, for our example we will use the MetaTrader 4 software.

An entry pending xauusd order of this type can be used to buy below the xauusd market level (up xauusd trend market retracement) or sell above xauusd market level (down xauusd trend market retracement).

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

Sell limit Order - When selling, your entry sell limit is executed when the xauusd market rises to your set gold trading price. ( price retraces up )

Entry xauusd orders or pending xauusd orders are placed by traders when they expect gold price to bounce back after reaching this zone.

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

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

Buy Limit Gold Order Example

In the xauusd example shown below, the buy limit order was placed to buy at a gold price below the current market gold price. Point B is the point at which it was set.

Limit buy order entry placed to buy below the current market gold trading price

The xauusd trend then retraced & went down to hit buy entry limit, & afterwards gold trading price continued to move upwards in the direction of the original XAUUSD upward gold trend. When limit buy order was hit it changed in to a buy.

XAUUSD Price hits buy limit, buy limit order now changes to a buy order

Sell Limit XAUUSD Order Example

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

Entry limit sell order placed to sell above current market gold trading price

The xauusd trend then rallied, went up to hit sell entry limit, & afterwards gold trading price continued to move downward in the direction of the original Gold downwards trend.

XAUUSD Price hits sell limit, sell limit order now changes to a sell order

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