How Do I Read Pending Gold Orders?
How Do I Analyze Pending XAUUSD Orders?
The pending gold orders are grouped into Pending Stop Gold Orders and Pending Limit Gold Orders
Pending Stop Gold Orders - What's Buy Stop XAUUSD Order and Sell Stop XAUUSD Order - Pending Gold Orders?
Pending Limit Gold Orders - What's Buy Limit XAUUSD Order & Sell Limit XAUUSD Order - Pending Gold Orders?
Pending XAUUSD Orders
Buy stop gold orders & Sell stop gold orders are gold orders used to buy above or below the current market xauusd price.
These gold orders are popularly used to trade when there is a consolidation chart pattern - placing a buy stop order to buy above the consolidation chart pattern and placing a sell stop order to sell below the consolidation chart pattern.
Buy Stop Gold Order and Sell Stop XAUUSD Order after a Consolidation Chart Pattern
These stop gold orders 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 current market xauusd price.
- Sell Stop Gold OrderAn order to sell at a level below current market xauusd price.
What is Buy Stop XAUUSD Order and Sell Stop Gold Order?
These buy stop orders and sell stop orders are used by traders wanting to gold trade a setup like the consolidation chart pattern but they don't want to wait & watch the xauusd prices all day long until there is a xauusd price breakout.
Therefore, gold traders will set these pending buy stop orders and sell stop orders above and below current xauusd price and a xauusd price break out in any of these direction will execute one of these pending stop gold orders and a buy gold trade or a sell gold trade will automatically be opened.
Setting Buy & Sell Stop Gold Orders on MT4 Platform
Open a Gold Trading XAUUSD Trading Chart, Right Click on Chart, Select New Gold Order, then Follow the steps below
Step1: Choose Pending order as illustrated below
Step2: Select Pending gold order Menu as Shown on the xauusd trading example illustrated and explained below
Step3: Select Buy Stop Gold Order or Sell Stop Gold Order pending gold order
Step4: Click 'Place' Order & specify the buy stop xauusd price or sell stop xauusd price
Setting Buy Stop Gold Orders & Sell Stop Gold Orders in MT4
Pending Gold Orders
Limit order definition - Entry limit 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 orders are available in most online trading platforms, for our examples we will use MT4 trading platform.
An entry of this type can be used to buy below the xauusd market level (upward gold trend market retracement) or sell above xauusd market level (downward gold trend market retracement).
Buy limit - When buying, your entry buy limit order is executed when the xauusd market falls to your set xauusd price. ( retraces downward )
Sell limit - When selling, your entry sell limit order is executed when the xauusd market rises to your set xauusd price. ( retraces upward )
Entry orders are placed by traders when they expect xauusd price to bounce back after reaching this level.
- Entry Buy Limit Gold Orderbuy at a level below the current market level.
- Entry Sell Limit Gold Ordersell at a level above the current market level.
Buy Limit XAUUSD Order Example
In the xauusd example illustrated & explained below, the buy limit order was placed to buy at a xauusd price below the current market xauusd price. Chart Point B is the point at which it was set.
Pending Gold Orders
Sell Limit XAUUSD Order Example
In the xauusd trading example illustrated and explained below a the sell entry limit gold order was placed to sell at a xauusd price above the current market xauusd price. This is the level for the xauusd price retracement.
Pending Gold Orders
When xauusd price quote hit the set level the gold order changed to a sell, this is therefore a good method to buy or sell at a better xauusd price after a retracement.
Setting Buy & Sell Limit XAUUSD Orders in MetaTrader 4 Platform
To set up these gold orders on MetaTrader 4 platform, Right click on gold chart>>> Select "Trading'>>> Then Select 'New" Order>>> Then on the popup window that appears (illustrated below), under label 'Type' select the option of "Pending" gold order 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" pending gold order or "Sell Limit Gold Order" pending gold order depending on whether you want to place a pending buy or sell xauusd trading order.
Setting Buy Limit Gold Orders & Sell Limit Gold Orders in MT4
How Do I Read Pending Gold Orders?
