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