Forex buy stop vs buy limit
In the two previous examples opening and closing a position and using "stop loss" and "take profit" orders with an existing position we used the MT4 platform to open a EURUSD position at stop actual market price. This type of order is known as a "Market Order. Instead, they want the price to reach a different level before they enter the market. Consequently, they need a different type of order to do this. These types of orders are called "Pending Orders" on MetaTrader 4. MT4 pending orders are orders to execute a trade at a price that's different than the current market forex. When the price of a currency reaches the specified Price, the pending order is activated and executed. Visual definition of pending orders on a price chart. How to Place a Pending Order on the Metatrader Platform. In this example, we assume that we want limit open a position on GBPUSD British Pound — US Dollar by selling when the exchange rate or price reaches stop. Sometimes, this strategy is used to enter the market near a level of resistance or buy, where the probability for a price decrease or increase goes up respectively. In this example, buy GBPUSD currency pair has a level of resistance near 1. To the GBPUSD chart below, we added a horizontal yellow line to indicate the desired sell limit price 1. A sell order at a higher price than the current market price is a "Sell Limit" order see the definition of the Sell Limit order above. Pound Dollar GBPUSD chart on MetaTrader Forex with yellow horizontal line indicating the desired sell limit price 1. To place the sell limit order at 1. The order entry window below then appears Screenshot 1. Click on the order "Type" drop down box and select "Pending Order" from the list of options. The order window then changes to include the "Pending Order" section Screenshot 2 below. Under the "Pending Order" section, click on "Type" and select "Sell Forex from the list of choices. The order entry window is then updated to indicate that the sell limit order was accepted see Screenshot 3 below. Order Entry Window on MT4 for GBPUSD. Order Entry Window — Selecting a "Sell Limit" Pending Order. Confirmation that Pending Order to Sell GBPUSD at a limit of 1. Pending Order shown as active in MT4's "Trade" tab section. Home Free Demo Open Account Education Free Training IB Managed FX About Blog Contact. There are four type of pending orders on the platform. Pending Order Types Buy Limit — order to buy at a price "limit price" that's lower or better than the current market price. The Buy Limit order is executed if the Ask Price which represents the price that liquidity providers are willing to buy — "Demand" on the platform drops to a level buy equal to or lower than the specified buy limit price. The "Ask Price" is designated as "Ask" on the "Market Watch" window — the same window shown in Step 1 of the section on how to execute a trade limit Step 2 of this same section shows the Ask price as 1. The Sell Limit order is executed if the Bid Price which represents the price that liquidity providers are willing to sell — "supply" on the platform rises to a level that's equal to or higher than the specified sell limit price. The "Bid Price" is designated as "Bid" on the "Market Watch" window — the same window shown in Step 1 of the section on how to execute a Forex limit Step 2 of this same section shows the Bid price as 1. Buy Buy Stop order is executed once the Ask price is equal to or greater than the specified "Stop" price; Sell Stop — order to sell a currency at a price "stop price" that's lower than the current market price. The Sell Buy order is executed once the Bid price is equal to or lower buy the specified "Stop" price; Visual definition of pending orders on a price chart How to Place a Pending Order on the Metatrader Platform. Order Entry Window on MT4 stop GBPUSD Screenshot 2: Order Entry Window — Selecting a "Sell Limit" Pending Order Screenshot 3: Dollar Finds Fresh Support. Dollar Unable To Regain Momentum. Dollar Hit By Profit Taking. Dollar Remains In Charge. Dollar Continues To Advance. Proudly powered by WordPress. Risk Warning Privacy Policy Site Map Contact Us.
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