Entry Stop Orders - How to Add a Pending Order on MT4 Platform
Buy Stop Orders & Sell Stop Orders are entry stop pending orders that are provided for on the platform. Traders can then use the platform to set these stop orders on the charts. This tutorial will explain what are entry stop pending orders - buy stop order & sell stop order. This tutorial will also explain how to use the software platform to set these pending stop orders when trading with charts.
Entry Stop Pending Orders are orders to buy above the market or to sell below the market.
- Buy Stop An order to open a buy position at a point which is above the market price.
- Sell Stop An order to open sell position at a point below market price.
Buy Entry & Sell Entry Orders
These orders also are known as pending orders. Entry stop pending orders are used by the FX traders wanting to trade a set up like the consolidation chart pattern but they do not want to wait & watch the market prices all day long until there's a price breakout. Therefore, traders will place these pending orders above & below price & a price breakout in any of these direction will execute one of these pending orders & a buy trade or a sell trade will automatically be executed.
Buy Stop
In the illustrations below a buy stop pending was put to open buy at a price point above the ruling market price.
The price then went up to hit the buy stop order, and afterwards the price continued to move up-ward.
Setting Buy Stop Order above Resistance Level - How to Add a Pending Order Buy Stop Order on the MT4
Setting Buy Stop Order in a Breakout - How to Add a Pending Order Buy Stop Order in MT4 Platform
A Buy trade was derived/generated from the above order when price broke a resistance line in the first example illustration & when there was an upward price breakout after a market consolidation trade pattern.
Sell Stop
In the exemplification displayed below a sell stop pending was set to open a sell trade at a point below the ruling market price.
The price then went down to hit the sell stop, & afterward the downward price move continued
Setting a Sell Stop Order Below a Support Level - How to Add a Pending Order Sell Stop Order on MT4 Platform
Pending Sell Order Set in a Price Breakout - How to Add a Pending Order Sell Stop Order in MetaTrader 4 Platform
A Sell trade signal was derived and generated from the above sell stop order after the support level is broken after a consolidation setup.
How to Differentiate Between Pending Stop Orders & Pending Limit Orders
It's easier to first remember one concept. The easier concept to learn is the one of Stop Orders are set above and below the market price.
In the mean time Download MT4 platform and practice setting these orders on a Demo Practice Account.
Setting Buy and Sell Stop Orders in the MT4 - How to Add a Pending Order on MT4
Open a Chart, Right Click on a Chart, Choose and Select New Order, then follow guidelines below
Step1: Choose Pending order just as is displayed and shown below
Step2: Select/Choose Pending order Menu as Show below
Step3: Choose Buy Stop or Sell Stop
Step4: Click "Place" Order
Steps to Setting Entry Stop Pending Orders on the MT4 - How to Add a Pending Order on MT4 Explained
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