4 Types of Pending Orders in Gold Trading
- Buy Limit Order Specifies to buy at a level below the current market price
- Sell Limit Order Specifies to sell at a level above the current market price
- Buy Stop Order Specifies to buy at a level above the current xauusd market price.
- Sell Stop Order Specifies to sell at a level below the current xauusd market price.
Limit Orders & Stop Orders
Pending Orders are orders that are used to open a new trade transaction after the market reaches a price specified by the 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 a trade at a specified price level. It's almost impossible to monitor the market every second and this is why a pending order can be used. If you feel the market might take a certain action, such as break through a particular price level which it has been touching but it hasn't been able to break this level, then as a trader you'd want to use a Pending Order. Once the price quote crosses your specified level, your pending order is executed.
There are two different types of pending orders - xauusd limit order and xauusd stop order.
These pending orders are also known as gold entry orders.
Limit Order
An order to buy or sell at a certain limit.
An gold pending limit order can be used to buy below the current price quote or sell above the current price quote.
When buying, gold pending limit order is executed when the price falls to your limit price quote level.
When selling, gold pending limit order is executed when the price rises to your limit price quote level.
These Limit Orders are placed by traders when they expect the price to bounce back after reaching the price quote level at which the pending limit xauusd trade order was opened.
- Buy Limit Order Specifies to buy at a level below the current price
- Sell Limit Order Specifies to sell at a level above the current price
How to Place Buy Limit Orders and Sell Limit Orders in MT4 - Pending Orders in MT4
Stop Order
A gold stop order is an order to buy above the current market price or to sell below the current price.
When buying, a pending stop order is executed as the market moves upwards and hits buy stop price quote level.
When selling, a pending stop order is executed as the market price moves down and hits the sell stop price quote level.
- Buy Stop Order Specifies to buy at a level above the current price.
- Sell Stop Order Specifies to sell at a level below the current price.
How to Place Buy Stop Orders and Sell Stop Orders in MT4 - Pending Orders in MT4
What is a Trade Plan? - Writing a Plan Example Template
Alternatives: Automated EA Robots Library or Copier Paste Trading Signals
