How to Place a Pending Gold Order on MetaTrader 4 Android Gold App
There are different types of xauusd orders which a trader can use to trade in XAUUSD.
Traders should learn & understand about all the various xauusd orders so as make use of the correct xauusd order for its correct purpose. The most important things to remember about is this: Always understand xauusd orders you place when xauusd. Never place a xauusd order which you're not entirely knowledgeable about. Given below are the basic definitions of the commonly used types of gold trade orders:
Types of XAUUSD Market Orders & Types of XAUUSD Pending Orders
Gold Market Order
This is the most basic type of xauusd order, market order is used to buy or sell at the current ask or bid xauusd quote gold price. This refers to the quoted gold price which pops up on your gold trading platform.
This type of xauusd order is used for buying or selling according to the current exchange rate quotation in Gold Market, the execution is instant. The minute you want to enter a position you can buy & sell the gold at a click of a button key using a gold trading market order.
XAUUSD Pending Orders
These are xauusd orders used to open a new trade position after the xauusd market reaches a gold price specified by the trader.
Entry orders are used to buy or sell a xauusd when it attains a certain gold price target.
When a specific gold price level is reached or broken then a xauusd entry order is executed.
These XAUUSD Entry XAUUSD Orders are used to enter a xauusd trade at a specified price level. It is almost impossible to monitor the xauusd market every second and this is why a xauusd entry order can be handy. If you feel the xauusd market may take a certain action, such as break through a particular gold price level which it has been touching but it hasn't been able to break, you would want to use a Gold Entry Limit Gold Order. Once the xauusd market crosses your specified level, your entry limit gold trading order is executed.
There are two types of entry orders - limit xauusd order & stop entry order.
These entry orders are also known as pending gold trade orders.
Gold Entry Limit XAUUSD Order
An order to buy or sell at a particular limit.
An entry limit xauusd order can be used to buy below the current gold price or sell above the current gold price.
When buying, xauusd entry limit is executed when the price drops to your limit level.
When selling, xauusd entry limit is executed when the price rises to your limit level.
These Gold Entry Limit XAUUSD Orders are placed by traders when they expect the xauusd market to bounce back after reaching the gold price level at which the gold entry limit order was placed.
- Buy Limit XAUUSD OrderSpecifies to buy at a level below the current gold trading market price
- XAUUSD Sell Limit OrderSpecifies to sell at a level above the current gold trading market price
Gold Pending Orders
A xauusd entry stop order to buy above current gold price or to sell below the current gold price.
When buying, xauusd entry stop order is executed as the xauusd market goes upwards & hits the buy stop level.
When selling, xauusd entry stop order is executed as the xauusd market goes down & hits the sell stop level.
- XAUUSD Buy Stop OrderSpecifies to buy at a level above the current gold price.
- XAUUSD Sell Stop OrderSpecifies to sell at a level below the current gold price.
