How Do I Set a Pending Order in MT4 iPhone App
There are different types of orders which one can use to trade in XAUUSD.
Traders should learn & understand about all the various orders so as make use of correct order for the correct purpose. The most important things to remember about is this: Always understand orders you as a trader place when xauusd. Never place a order which you as a trader are not entirely knowledgeable about. Given below are the basic definitions of the commonly used types of trading orders:
Types of XAUUSD Market Orders & Pending Order Types
Gold Market Order
This is the most basic type of order, market order is used to buy or sell at prevailing request or bid xauusd quote gold trading price. This refers to the quoted price which pops up and is shown in your software.
This type of order is used for buying or selling according to the prevailing exchange rate quotation in Market, the execution is instant. The minute you want to enter a position you can buy and sell the at a click of a button using a market order.
Pending Orders
These are orders used to open new trade after the market reaches a price given by the trader.
Entry orders are used to buy or sell a xauusd when it reaches a certain price target.
When a specific price level is reached or broken then a xauusd entry order is executed.
These XAUUSD Entry Orders are used to enter into a trade at a specified price level. It's almost impossible to monitor the market every second and this is why a xauusd entry order can be handy. If you feel the market might take a certain action, such as break through a particular gold trading price level which it has been touching but it has not been able to break out, you'd want to use a Entry Limit Order. Once the market crosses your given level, your entry limit trade order is executed.
There are two types of entry orders - limit order & stop entry order.
These entry orders are also referred to as pending trade orders.
Gold Entry Limit Order
An order to buy or sell at a particular limit.
An entry limit order can be used to open buy below the prevailing price or sell above the prevailing price.
When buying, xauusd entry limit is executed when price drops to your limit zone which you've set.
When selling, xauusd entry limit is executed when price rises to your limit zone which you've set.
These Entry Limit Orders are placed by traders when they expect the market to bounce back after reaching to the trading price level that the entry limit order was set.
- Buy Limit OrderSpecifies to open buy at a level that is below the prevailing market price
- XAUUSD Sell Limit OrderSpecifies to open sell at a level that is above the prevailing market price
XAUUSD Pending Orders
A entry stop order to open buy above prevailing price or to open sell below the prevailing price.
When buying, xauusd entry stop pending order is executed as the market goes upward and touches buy stop level.
When selling, xauusd entry stop pending order is executed as the market moves down & hits the sell stop level.
- XAUUSD Buy Stop OrderSpecifies to open buy at a level which is above the prevailing price.
- XAUUSD Sell Stop OrderSpecifies to open sell at a level that is below the prevailing price.
