How Do I Set Buy Limit Gold Order & Sell Limit Gold Order in MetaTrader 4?
How to Set Buy Limit XAUUSD Orders & Sell Limit XAUUSD Orders on MT4
Setting Buy and Sell Limit XAUUSD Orders on MetaTrader 4 Platform
To set up these pending gold orders in MetaTrader 4 software, Right-click on Gold Trading chart>>> Select "Trading">>> Then Choose "New">>> Then on the popup window that pops up (illustrated below), under label "Type" select the option of "pending" instead of "market execution">>> Under the pending xauusd order options select the pending gold order type: for This trade choose either "Buy Limit Gold Order" or "Sell Limit Gold Order" depending on whether you want to set a pending buy or sell order.
Pending Gold Orders - Setting Buy & Sell Limit Gold Orders on MetaTrader 4
Limit order definition - Entry limit is an order to buy or sell a Gold Trading at a certain xauusd trading price which is a retracement level where xauusd price is predicted to pull back to before resuming the original Gold trend. Gold traders use them to buy or sell at better market price. These types of pending orders are provided for in most online gold trading softwares, for our examples we will use MT4 trading platform.
An entry pending gold order of this type can be used to buy below the xauusd market level (up gold trend market retracement) or sell above the xauusd market level (down gold market trend retracement).
Buy limit Order - When buying, your entry buy limit is executed when the xauusd market falls to your set xauusd trading price. ( price retraces down )
Sell limit Order - When selling, your entry sell limit is executed when the xauusd market rises to your set xauusd price. ( price retraces up )
Entry gold orders or pending gold orders are placed by traders when they expect xauusd trading price to bounce back after reaching this zone.
- Entry Buy Limit Gold Orderbuy at a level below the current market level.
- Entry Sell Limit Gold Ordersell at a level above the current market level.
Buy Limit Gold Order Example
In the xauusd trading examples illustrated and described below, the buy limit order was placed to buy at a xauusd trading price below the current market xauusd trading price. Point B is the point at which it was set.
Limit buy order entry placed to buy below the current market xauusd trading price
The gold trend then retraced & went down to hit the buy entry limit, and afterwards xauusd trading price continued to move upward in direction of the original Gold Trading upwards xauusd trend. When the limit buy order was hit it changed in to a buy.
Gold Price hits buy limit, buy limit order now changes to a buy order
Sell Limit XAUUSD Order Example
In the sell limit pending order example illustrated and explained below a the sell entry limit was placed to sell at a xauusd price above the current market xauusd price. This is the level for the xauusd trading price retracement.
Entry limit sell order placed to sell above current market xauusd trading price
The gold trend then rallied, went up to hit the sell entry limit, & afterwards xauusd trading price continued to move downwards in direction of the original Gold Trading downward trend.
Gold Price hits sell limit, sell limit order now changes to a sell order
When gold trading quote got to the set level the order changed into a sell, this is therefore a nice method to buy or sell at a better xauusd price after a price retracement.
