How Do You Set Buy Limit Order and Sell Limit Order on MT5?
How Do You Set Buy Limit Order and Sell Limit Order on MT5?
Forex Pending Orders on MT5
To set up these Forex trading pending orders in MetaTrader 5 platform, Right click on Forex chart>>> Choose "Trading">>> Then Select "New">>> Then on the popup panel that pops up (illustrated below), under label "Type" select the option of "pending" instead of "market execution">>> Under pending order options choose the pending order type: for This trade select either "Buy Limit" or "Sell Limit" depending on whether you want to place a pending buy or sell order.
Forex Trading Pending Orders
Limit order definition - Pending limit forex order is an order to buy or sell a forex instrument at a certain forex price which is a retracement level where forex price is predicted to pull-back to before resuming the original Forex trend. Traders use them to buy or sell at better market price. These types of pending orders are available in most online forex trading platforms, for our example we will use the MT5 platform.
An entry pending order of this type can be used to buy below the market level (up trend market retracement) or sell above market level (downtrend forex market retracement).
Buy limit Order - When buying, your entry buy limit is executed when market falls to your set forex price. (retraces down)
Sell limit Order - When selling, your entry sell limit is executed when market rises to your set forex price. (retraces up)
Pending forex orders are placed by traders when they expect forex price to bounce back after reaching this area.
- Pending Buy Limit Forex Orderbuy at a level below the current market level.
- Pending Sell Limit Forex Ordersell at a level above the current market level.
Buy Limit FX Trading Order Example
In the example below, the buy limit order was placed to buy at a forex price below the current market forex price. Point B is point at which it was set.
How Do You Set Buy Limit Order and Sell Limit Order on MetaTrader 5?
The forex trend then retraced & went down to hit buy entry limit, and afterwards forex price continued to move upward in direction of the original Forex uptrend. When limit buy order was hit it changed into a buy.
How Do You Set Buy Limit Order and Sell Limit Order on MetaTrader 5?
Sell Limit Forex Order Example
In the sell limit pending order example below a the sell entry limit was placed to sell at a forex price above the current market forex price. This is the level for the forex price retracement.
How Do You Set Buy Limit Order and Sell Limit Order on MetaTrader 5?
The forex trend then rallied, went up to hit sell entry limit, & afterwards forex price continued to move downward in direction of the original Forex downwards trend.
How Do You Set Buy Limit Order and Sell Limit Order on MetaTrader 5?
When forex instrument quote hit the set level the order changed to a sell, this is therefore a nice method to buy or sell at a better forex price after a retracement move.
How Do You Set Buy Limit Order and Sell Limit Order on MetaTrader 5?
