Different Types of Gold Orders
Types of XAUUSD Market Orders XAUUSD Trading and Types of Pending XAUUSD Orders
Different types of gold orders which a trader can use to trade gold - The Different Types of Gold Orders are:
Types of XAUUSD Market Orders
Gold Market Order
Market Order is the most basic type of gold order, market order is used to buy or sell at the current ask or bid gold quote xauusd price. This refers to the quoted xauusd price that appears on your gold trading platform.
Market Order type of xauusd order is used for buying or selling according to the present exchange rate quote - the execution of market order is instant. The minute you want to enter a gold trade position you can buy & sell at a click of a button using a xauusd market order.
Types of Pending XAUUSD Orders
Limit XAUUSD Orders and Stop Gold Orders
Pending Gold Orders are orders that are used to open a new gold trade position after the xauusd market reaches a xauusd price specified by the trader.
Pending Gold Orders are used to buy or sell when the price quote attains a certain xauusd price target.
When a specific xauusd price level is reached then a pending xauusd order is executed.
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 pending gold order can be used. If you feel the gold market may take a certain action, such as break through a specific xauusd price level which it has been touching but it hasn't been able to break this level, then as a trader you would want to use a Pending Gold Order. Once the xauusd price quote crosses your specified level, your pending xauusd order is executed.
There are two different types of pending orders - limit gold order & stop order.
These pending gold orders are also referred to as entry orders.
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 quote or sell above the current xauusd price quote.
When buying, entry limit xauusd order is executed when the price falls to your limit xauusd price quote region.
When selling, entry limit xauusd order is executed when the price rises to your limit xauusd price quote region.
These Entry Limit Gold Orders are placed by traders when they expect the xauusd price to bounce back after reaching the xauusd price quote level at which the entry limit xauusd trading order was placed.
- Buy Limit Gold Order Specifies to buy at a level below the current gold market price
- Sell Limit Gold Order Specifies to sell at a level above the current market xauusd price
Entry Stop Gold Order
An entry stop order is an order to buy above current xauusd price or to sell below the current xauusd price.
When buying, entry stop gold order is executed as the gold market goes up and hits buy stop xauusd price quote region.
When selling, entry stop gold order is executed as the xauusd market goes down and hits the sell stop xauusd price quote region.
- Buy Stop Gold Order Specifies to buy at a level above the current xauusd market price.
- Sell Stop Gold Order Specifies to sell at a level below the current xauusd market price.
How to Set Buy Stop Gold Orders & Sell Stop Gold Orders on MT4 - Pending Gold Orders in MetaTrader 4
