Pending Gold Orders
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. The most important things to remember about is this: Always understand the gold orders you place when gold trading. Never place a gold order which you as a trader are not entirely knowledgeable about. Given below are basic definitions of the commonly used types of xauusd trade orders:
Types of XAUUSD Market Orders and Types of Pending Gold Orders
XAUUSD Trading Market Order
This is the most basic type of gold order, market order is used to buy or sell at the current ask or bid gold trading quote xauusd trading price. This refers to the quoted xauusd trading price that pops up & is shown on your gold trading platform.
This type of xauusd order is used for buying or selling according to the current exchange rate quotation in Gold Trading Market, the execution is instant. The min you want to enter a position you can buy and sell gold at a click of a button key 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 trading price specified by the trader.
Entry orders are used to buy or sell gold when it attains a certain xauusd trading price target.
When a specific xauusd trading price level is reached or broken then a xauusd entry trading order is executed.
These Gold Trading Entry Gold Orders are used to enter a gold trade at a specified price level. It's almost impossible to monitor the xauusd market every second and this is why a gold entry order can be handy. If you feel the xauusd market might take a certain action, such as break through a particular xauusd trading price level that it has been touching but it has not been able to break, you would want to use a Gold Trading Entry Limit Gold 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 & stop entry order.
These entry orders are also referred to as pending xauusd trade orders.
XAUUSD Trading Entry Limit XAUUSD 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 trading price.
When buying, gold entry limit is executed when price drops to your limit zone that you've set.
When selling, gold entry limit is executed when price rises to your limit zone that you've set.
These Gold Trading Entry Limit Gold Orders are placed by traders when they expect the xauusd market to bounce back after reaching the xauusd trading price level at which the xauusd entry limit order was placed.
- Buy Limit Gold OrderSpecifies to buy at a level below the current gold market xauusd trading price
- Sell Limit Gold OrderSpecifies to sell at a level above the current gold market xauusd trading price
Pending Gold Orders
A gold entry stop pending order to buy above the current xauusd price or to sell below the current xauusd trading price.
When buying, gold entry stop order is executed as the xauusd market goes upwards 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 gold market xauusd trading price.
- Sell Stop Gold OrderSpecifies to sell at a level below the current gold market xauusd trading price.
