hey guys i am new to forex and finding it hard to grasp the concept of buy limit sell limit pending orders ,
if any one can explain i would be grateful
lets take the above pic as an example eur usd closed on Friday and lets assume its going to go down and i want to place an order ,so when markets open i sell certain amount. how can i do this?
by clicking new order and selecting pending order
but after that i cant understand the terms buy / sell limit and buy/sell stop.
if anyone can explain in layman terms i have read the topic in baby pips but couldnt grasp the concept
From the new order panel you can either enter an “at market” order or a “pending” order depending on whether you want to open your position immediately at the current price or to leave it at a pre-determined price that will (only) get filled if and when the current market price reaches it.
In either case you can specify a pre-determined stop level and target level (called the limit level).
If you are selling then you will place your buy-stop above your entry price in order to determine your maximum loss if the price rises. In addition, you can also determine your profit level by placing a buy-limit lower than your entry price at whatever level you hope the price is going to reach.
Neither stop nor limit orders are compulsory but at least some kind of buy-stop is strongly recommended to protect your capital in the event of a major move against your position.
If you place a market order, then the selected stop and limit orders are immediately active and will be visible lines on you chart. If your order is pending then the stop and limit orders will only be activated once your position is opened.
didnt wanted to start a new topic hope u can help
how do you guys implement patterns while they are too subjective for example i am trying to learn abcd pattern
