How to Place a Pending Gold Order in MetaTrader 4
These are gold orders to buy above the xauusd market or to sell below the xauusd market.
- Buy Stop Gold OrderAn order to buy at a level above the xauusd market gold price.
- Sell Stop Gold OrderAn order to sell at a level below the xauusd market gold price.
Buy Entry and Sell Entry Gold Orders
These gold orders are also known as pending gold orders. These pending gold orders are used by traders wanting to trade a setup like the consolidation xauusd chart pattern but they do not want to wait and watch the gold prices all day long until there is a gold price breakout. Therefore, gold traders will set these pending gold orders above and below the xauusd price and a gold price breakout in any of these direction will execute one of these pending gold orders and a buy gold trade or a sell gold trade will automatically be opened.
Buy Stop XAUUSD Order
In the gold trading examples below a buy stop gold order was placed to buy at a level above the current market gold price.
The xauusd price then went up to hit the buy stop gold order, and afterwards xauusd price continued to move upwards.
Setting Buy Stop Gold Order above Resistance Level - How to Place a Pending Gold Order Buy Stop Gold Order on MT4
Setting Buy Stop Gold Order in a XAUUSD Breakout - How to Place a Pending Gold Order Buy Stop Gold Order on MT4
A Buy gold trade was generated from the above order when the xauusd price broke a resistance line in the first example and when there was an upward xauusd price breakout after a market consolidation pattern.
Sell Stop XAUUSD Order
In the xauusd trading example illustrated and explained below a sell stop gold order was placed to sell at a level below the current market gold price.
The xauusd price then went down to hit the sell stop gold order, and afterwards the downwards xauusd price move continued
Setting a Sell Stop Gold Order Below a Support Level
Pending Sell Order Set in a Gold Price Breakout
A Sell gold trade was generated from the above sell stop gold order after support line is broken after a consolidation xauusd chart pattern.
How to differentiate between stop xauusd orders and limit xauusd orders
It is easier to first of all remember one concept. The easier concept is that of Stop Gold Orders are set above and below the gold price.
In the mean time Download MT4 platform and practice setting these orders on a Practice Demo Account.
Setting Buy and Sell Stop XAUUSD Orders on MT4
Open a Trading Chart, Right Click on the gold Chart, Select New Order, then Follow the steps below
Step1: Select Pending order as shown below
Step2: Select Pending order Menu as Show below
Step3: Select Buy Stop Gold Order or Sell Stop Gold Order
Step4: Click "Place" Order
Steps to Setting These Pending Gold Orders on MT4 - How to Place a Pending Gold Order in MetaTrader 4