How Do I Place a Pending Order on MT4 Platform
These are orders to buy above the market or to sell below the market.
- Buy Stop An order to open buy at a level above market price.
- Sell Stop An order to sell at a level below the market price.
Buy Entry and Sell Entry Orders
These orders are also known as pending orders. These pending orders are used by traders wanting to trade a set up like the consolidation chart pattern but they don't want to wait & watch the prices all day long til there's a price breakout. Hence, traders will set these pending orders above & below price & a price break-out in any of these direction will open one of these pending orders & a buy trade or a sell gold trade will automatically be opened.
Buy Stop
In the examples below a buy stop pending order was placed to buy at a level above ruling price.
The price then went up to hit the buy stop, and afterward price continued to move upwards.
Setting Buy Stop Order above Resistance Level - How to Place a Pending Order Buy Stop Order on MT4
Setting Buy Stop Order in a Breakout - How to Place a Pending Order Buy Stop Order on MT4
A Buy trade was generated from the above order when price broke a resistance line in the first example & when there was an upwards price break-out after a market consolidation pattern.
Sell Stop
In the example illustrated & described below a sell stop pending was set to sell at a level below the ruling price.
The price then went down to hit the sell stop, and afterward the downwards price move continued
Placing a Sell Stop Order Below a Support Level
Pending Sell Order Set in a Price Break out
A Sell gold trade was generated from the above sell stop order after support line is broken after a consolidation chart pattern.
How to differentiate between stop orders & limit orders
It is easier to first of all remember one concept. The easier concept to learn is that of Stop Orders are set above & below the price.
In the mean time Download MT4 platform and practice setting these orders on a Practice Demo Trading Account.
Setting Buy & Sell Stop Orders in Meta Trader 4 Trading Platform
Open a Trading Chart, Right Click on gold Chart, Choose New Order, then follow the steps below
Step1: Choose Pending order as shown below
Step2: Select Pending order Menu as Show below
Step3: Choose Buy Stopor Sell Stop
Step 4: Press on "Place" Order
Steps to Setting These Pending Orders on MetaTrader 4 - How to Place a Pending Order in MetaTrader 4
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