There are several types of pending orders or better known as PO.
⦁ Buy Limit and Sell Limit
⦁ Buy Stop and Sell Stop
A limit order is an order in which we expect the graph to move to the desired price and turn back.
⦁ Buy Limit can only be placed below the current price.
⦁ Sell Limit can only be placed above the current price.
A stop order is an order in which we expect the graph to move to the desired price and continue its movement so that we profit.
⦁ Buy Stop can only be placed above the current price.
⦁ Sell Stop can only be placed below the current price.
How to place a PO?
How to Put a Buy Limit
Suppose you select a price of 1.2495 (red line) to place a Buy Limit order, and the current price is currently above 1.2524 (black line).
⦁ Click on New Order
⦁ Set Lot Volume Value
⦁ Type: Select Pending Order
⦁ Pending Order Type: Select Buy Limit
⦁ Set the desired price. The example above selects 1.2495 to place a Buy Limit.
⦁ Click the Place Button
This means when the price falls below 1.2524 (black line), and hits 1.2495, a BUY order will open. And we hope that the price starts to go back up like the green arrow shown in the example.
How to Place a Buy Stop
Suppose you select a price of 1.5947 (red line) to place a Buy Stop order, and the current price is below that of 1.5906 (black line).
⦁ Click on New Order
⦁ Set Lot Volume Value
⦁ Type: Select Pending Order
⦁ Pending Order Type: Select Buy Stop
⦁ Set the desired price. The example above selects 1.5947 to place a Buy Stop.
⦁ Click the Place Button
This means, when the price rises above 1.5906 (black line) and hits 1.5947, a BUY order will open. And we hope that the price continues to go up like the green arrow shown in the example.
How to Place a Sell Stop
Suppose you select a price of 1.2495 (red line) to place a Sell Stop order, and the current price is currently above 1.2526 (black line).
⦁ Click on New Order
⦁ Set Lot Volume Value
⦁ Type: Select Pending Order
⦁ Pending Order Type: Select Sell Stop
⦁ Set the desired price. The example above selects 1.2495 to place a Sell Stop.
⦁ Click the Place Button
This means when the price falls below 1.2526 (black line), and hits 1.2495, a SELL order will open. And we hope that the price continues to go down like the red arrow shown in the example.
How to Set a Sell Limit
Suppose you select a price of 1.5947 (red line) to place a Sell Limit order, and the current price is below 1.5905 (black line).
⦁ Click on New Order
⦁ Set Lot Volume Value
⦁ Type: Select Pending Order
⦁ Pending Order Type: Select Sell Limit
⦁ Set the desired price. The example above selects 1.5947 to place a Sell Limit.
⦁ Click the Place Button
This means, when the price rises above 1.5905 (black line), and hits 1.5947, a SELL order will open. And we hope that the price starts to go back down like the red arrow shown in the example.
Continue studying the next chapter.
