Types of Pending Order XAUUSD
- Buy Limit Order Specifies to open buy at a level that is below the prevailing market price
- Sell Limit Order Specifies to sell at a level above the prevailing market price
- Buy Stop Order Specifies to open buy at a level that is above the prevailing price.
- Sell Stop Order Specifies to open sell at a level that is below the prevailing price.
Limit Orders and Stop Orders
Pending Orders are orders which are used to open a new trade position after the market reaches a price given by trader.
Pending Orders are used to buy or sell when price quote attains a certain price target.
When a specific price level is reached then a pending order is executed.
Pending Orders are used to enter into a trade at a specified price level. It's almost impossible to monitor the market every second & this is why a pending order can be used. If you feel the market may take a certain action, such as break through a particular price level that it has been touching but it has not been able to break-out this point, then as a trader you would want to use a Pending Order. Once the prices quote crosses your given level, your pending order is executed.
There are 2 types of pending trading orders - xauusd limit order & xauusd stop order.
These pending orders also are known as gold entry orders.
Limit Order
An order to buy or sell at a particular limit.
An gold pending limit order can be used to open buy below the prevailing price quote or sell above the prevailing price quote.
When buying, xauusd pending limit order is executed when the price falls to your limit specified price quote level.
When selling, xauusd pending limit order is executed when the price rises to your limit specified price quote level.
These Limit Orders are placed by traders when they expect the price to bounce back after reaching to the specified price quote level that the pending limit order was set.
- Buy Limit Order Specifies to open buy at a level that is below the prevailing price
- Sell Limit Order Specifies to open sell at a level that is above the prevailing price
How Do I Set Buy Limit Orders & Sell Limit Orders on MT4 - Pending Orders on MetaTrader 4
XAUUSD Stop Order
A xauusd pending stop order is an order to buy above current price or to open sell below the prevailing price.
When buying, a pending stop order is executed as the market moves upwards & hits buy stop price quote level.
When selling, a pending stop order is executed as the price moves down and hits the sell stop specified price quote level.
- Buy Stop Order Specifies to open buy at a level that is above the prevailing price.
- Sell Stop Order Specifies to open sell at a level that is below the prevailing price.
How Do I Set Buy Stop Orders & Sell Stop Orders on MT4 - Pending Orders on MetaTrader 4
