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