How Do I Set Buy Limit Gold Order & Sell Limit Gold Order on MetaTrader 5?

How Do I Set Buy Limit XAUUSD Order & Sell Limit XAUUSD Order on MetaTrader 5?

Setting Buy and Sell Limit XAUUSD Orders on MetaTrader 5

To set up these pending gold orders in the MetaTrader 5 platform, Right click on Gold chart>>> Choose "Trading">>> Then Select "New">>> Then on the popup panel that pops up (illustrated below), under label "Type" select the option of "pending" instead of "market execution">>> Under the pending xauusd order options select the pending gold order type: for This trade choose either "Buy Limit Gold Order" or "Sell Limit Gold Order" depending on whether you want to set a pending buy or sell order.

Pending Gold Orders - Setting Buy & Sell Limit Gold Orders in MT5

Limit order definition - Pending limit xauusd order is an order to buy or sell a xauusd at a certain xauusd price which is a retracement level where xauusd price is predicted to pull-back to before resuming the original Gold trend. Traders use them to buy or sell at better market price. These types of pending orders are provided for in most online gold trading platforms, for our examples we will use MT5 software.

An entry pending gold order of this type can be used to buy below the xauusd market level (up gold trend market retracement) or sell above the xauusd market level (downward gold trend market retracement).

Buy limit Order - When buying, your entry buy limit is executed when the xauusd market falls to your set xauusd price. ( retraces down )

Sell limit Order - When selling, your entry sell limit is executed when the xauusd market rises to your set xauusd price. ( retraces up )

Pending gold orders are placed by traders when they expect xauusd price to bounce back after reaching this level.

• Pending Buy Limit Gold Orderbuy at a level below the current market level.

• Pending Sell Limit Gold Ordersell at a level above the current market level.

Buy Limit XAUUSD Order Example

In the xauusd trading examples illustrated and described below, the buy limit order was placed to buy at a xauusd price below the current market xauusd price. Point Marked B is the point at which it was set.

Set Buy Limit Gold Order & Sell Limit Gold Order in MT5

The gold trend then retraced & went down to hit the buy entry limit, and afterwards xauusd price continued to move upward in direction of the original Gold upward xauusd trend. When the limit buy order was hit it changed in to a buy.

Set Buy Limit Gold Order & Sell Limit Gold Order in MT5

Sell Limit Gold Order Example

In the sell limit pending order example illustrated and explained below a the sell entry limit was placed to sell at a xauusd price above the current market xauusd price. This is the level for the xauusd price retracement.

Analyze & Set Buy Limit Gold Order & Sell Limit Gold Order in MT5?

The gold trend then rallied, went up to hit the sell entry limit, & afterwards xauusd price continued to move downwards in direction of the original XAUUSD downwards trend.

Analyze & Set Buy Limit Gold Order & Sell Limit Gold Order in MT5?

When xauusd price quote got to the set level the order changed into a sell, this is therefore a nice method to buy or sell at a better xauusd price after a retracement.

Set Buy Limit Gold Order & Sell Limit Gold Order in MT5