Entry Stop Orders Forex Orders - How to Place a Forex Pending Order on MT4 Software
Buy Stop Orders & Sell Stop Orders are entry stop pending orders that are provided for on the trading platform. Forex traders can then use the forex platform to set these stop orders on the forex charts. This tutorial will explain what are entry stop pending orders - buy stop order and sell stop order. This tutorial will also explain how to use the trading platform software to set these pending stop orders when trading with forex charts.
Entry Stop Pending Orders are orders to buy above the market or to sell below the market.
- Buy Stop Forex Trading OrderAn order to buy at a level above the market price.
- Sell Stop FX Trading OrderAn order to sell at a level below the market price.
Buy Entry & Sell Entry Orders
These orders are also known as pending orders. Entry stop pending orders are used by traders wanting to trade a setup like consolidation chart pattern but they don't want to wait and watch the forex prices all day long until there is a forex price breakout. Therefore, forex traders will set these pending orders above & below forex price and a price breakout in any of these direction will execute one of these pending orders and a buy trade or a sell trade will automatically be opened.
Buy Stop Forex Order
In the forex trading examples below a buy stop order was placed to buy at a level above the current forex market price.
The forex price then went up to hit the buy stop order, & afterward forex price continued to move upwards.
Placing Buy Stop Order above Resistance Level - How to Place a Pending Order Buy Stop Order in MT4 Software
Placing Buy Stop Order in a Forex Breakout - How to Place a Pending Order Buy Stop Order in MT4 Software
A Buy forex trade was generated from the above order when the price broke a resistance line in the first example and when there was an upward forex price break out after a market consolidation pattern.
Sell Stop FX Trading Order
In the forex trading example below a sell stop order was placed to sell at a level below the current forex market price.
The forex price then went down to hit the sell stop order, and afterward the downwards forex price move continued
Setting a Sell Stop Order Below a Support Level - How to Place a Pending Order Sell Stop Order on MT4 Software
Pending Sell Order Set in a Price Breakout - How to Place a Pending Order Sell Stop Order on MT4 Software
A Sell forex trade was generated from the above sell stop order after support line is broken after a forex consolidation chart pattern.
How to Differentiate Between Pending Stop Forex Trading Orders & Pending Limit FX Trading Orders
It is easier to first of all remember one concept. The easier concept is that of Stop Orders are set above and below the forex price.
In the mean time Download MT4 platform and practice setting these orders on a Practice Demo Account.
Setting Buy & Sell Stop Orders in MetaTrader 4 - How to Place a Forex Pending Order on MT4 Platform
Open a Trading Forex Trading Chart, Right-Click on forex Trading Chart, Select New Order, then Follow the steps below
Step1: Choose Pending order as shown and illustrated below
Step2: Choose Pending order Menu as Show below
Step3: Select Buy Stop or Sell Stop
Step4: Click 'Place' Order
Steps to Setting Entry Stop Pending Orders in MT4 - How to Place a Pending Order on MT4 Explained
