How Do I Place a Pending XAUUSD Order in MT5 Android App?
How Do I Place a Pending XAUUSD Order in MT5 Android App?
There are different types of gold orders which a trader can use to trade in Gold.
Traders should learn & understand about all the various gold orders so as make use of the correct gold order for its correct purpose. Most important things to remember about is this: Always understand gold orders you place when trading gold. Never place a gold order which as a trader you're not entirely knowledgeable about. Given below are the basic definitions of the oftenly used types of xauusd trading orders:
Types of XAUUSD Market Orders & Types of Pending Gold Orders
XAUUSD Market Order
This is the most basic type of gold order, market order is used to buy or sell at current ask or bid quote price. This refers to the quoted xauusd price that appears on your xauusd trading platform.
This type of gold order is used for buying or selling according to the current exchange rate quotation in XAUUSD Market, the execution is instant. Min you want to enter a position you can buy & sell the xauusd at a click of a button using a xauusd market order.
Pending Gold Orders
These are gold orders used to open a new trade after the xauusd market reaches a xauusd price specified by the trader.
Pending gold orders are used to buy or sell a gold when it attains a certain xauusd price target.
When a specific xauusd price level is reached or broken then a xauusd trading entry order is executed.
These Pending Gold Orders are used to enter a gold trade at a specified price level. It is almost impossible to monitor the gold market every second & this is why a gold entry order can be handy. If you feel the xauusd market may take a certain action, such as break through a specific xauusd price level that it has been touching but it has not been able to break, you would want to use a Gold Pending Limit Order. Once the xauusd market crosses your specified level, your entry limit xauusd trading order is executed.
There are 2 different types of entry orders - limit gold order and stop entry order.
These entry orders are also referred to as pending xauusd trading orders.
XAUUSD Pending Limit Order
An order to buy or sell at a certain limit.
An entry limit gold order can be used to buy below the current xauusd price or sell above the current xauusd price.
When buying, gold entry limit is executed when price falls to your limit region.
When selling, gold entry limit is executed when price rises to your limit level.
These Gold Pending Limit Orders are placed by traders when they expect the xauusd market to bounce back after reaching the xauusd price level at which the xauusd trading entry limit was placed.
- Buy Limit Gold OrderSpecifies to buy at a level below the current gold market price
- Sell Limit Gold OrderSpecifies to sell at a level above the current gold market price
Pending Gold Orders - Stop XAUUSD Order
A gold entry stop pending order to buy above current xauusd price or to sell below the current xauusd price.
When buying, gold entry stop order is executed as the xauusd market goes up and hits buy stop level.
When selling, gold entry stop order is executed as the xauusd market goes down & hits the sell stop level.
- Buy Stop Gold OrderSpecifies to buy at a level above the current xauusd market price.
- Sell Stop Gold OrderSpecifies to sell at a level below the current xauusd market price.
Place a Pending XAUUSD Order in MT5 Android Mobile App
