In the two previous examples opening and closing a stop and using "stop loss" and "take profit" orders with an existing position buy used the MT4 platform to open a EURUSD position at the actual market price. This type of order is known as a "Market Order. Instead, they want the price to reach a different level before they enter the market. Consequently, they need a different type of order to do this. These types of orders forex called "Pending Orders" on MetaTrader 4. MT4 pending orders are orders to execute a trade at a price that's different than the current market price. Limit the price limit a currency reaches the specified Price, the pending order is activated and executed. Visual definition of pending orders on a price chart. How to Place forex Pending Order on the Metatrader Platform. In this example, we assume that we want to open a position on GBPUSD British Pound — US Dollar by selling when the exchange rate or price reaches 1. Sometimes, this strategy is used to enter the market near a level of resistance or support, where the probability for a price decrease buy increase goes up respectively. Forex this example, the GBPUSD currency pair has a level of resistance near 1. To buy GBPUSD chart below, we added a horizontal yellow line to indicate the desired sell limit price 1. A sell order at a higher price than the current market price is a "Sell Limit" order see the definition of buy Sell Limit order above. Pound Dollar GBPUSD chart on MetaTrader Platform with yellow horizontal line indicating the desired sell limit price 1. To place the sell limit order at 1. The order entry window below then appears Screenshot 1. Click on the order "Type" drop down box and select "Pending Order" from buy list of options. The order window then changes to include the "Pending Order" section Screenshot 2 below. Under the "Pending Order" section, click on "Type" and select "Sell Limit" from the list of choices. The order entry window is then updated to indicate that the sell limit order was accepted see Screenshot 3 below. Order Entry Window on MT4 for GBPUSD. Order Entry Window — Selecting a "Sell Limit" Pending Order. Confirmation that Pending Order to Sell GBPUSD at a limit of 1. Pending Order shown as active in MT4's "Trade" tab limit. Home Free Demo Open Account Education Free Forex IB Managed FX About Blog Contact. There are four type of pending orders on the platform. Pending Order Types Buy Limit — order to buy at a price "limit price" that's lower or better than the current market price. The Buy Limit order is executed if stop Ask Price which represents the price that liquidity providers are willing to buy — "Demand" on the platform drops to a level that's equal to or lower than the specified buy limit price. The "Ask Price" forex designated as "Ask" on the "Market Watch" window — the same window shown in Step 1 of the section on how to execute a trade ; Step 2 of this same section shows the Ask price as 1. The Limit Limit order is executed if the Bid Price which represents the price that liquidity providers are willing to sell — "supply" on the platform rises to a level that's equal buy or higher than the buy sell limit price. The "Bid Price" is designated as "Bid" on the "Market Watch" window — the same window shown in Step 1 of the section on how to execute a Forex trade; Step 2 of this same section shows the Bid price as limit. The Buy Stop order is executed once the Ask price is equal to or greater than the specified "Stop" price; Sell Stop — order to sell a currency at a price "stop price" that's lower than the current market price. The Sell Stop order is executed once the Bid price is equal to or lower than the specified "Stop" price; Visual definition of pending orders on a price chart How to Place a Pending Order on the Metatrader Platform. Order Entry Window on MT4 for GBPUSD Buy 2: Order Entry Window stop Selecting a "Sell Limit" Pending Order Screenshot 3: Dollar Finds Fresh Support. Dollar Unable To Regain Momentum. Dollar Hit By Profit Taking. Dollar Remains In Charge. Dollar Continues To Advance. Proudly powered buy WordPress. Risk Warning Privacy Stop Site Map Contact Us.
Ask FXDD - What are the differences between Buy Limit, Buy Stop, Sell Limit and Sell Stop?
Ask FXDD - What are the differences between Buy Limit, Buy Stop, Sell Limit and Sell Stop?
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