forex pending orders strategy
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Dubai: When Bernd Skorupinski came to Dubai by way of Germany six years ago, he had no idea he would leave his job to become a fulltime trader. Foreign exchange currency trading, commonly referred to as forex, is a market where banks, businesses, investors and traders come to exchange and speculate on rising or dropping currencies. But to Skorupinski, the appeal to trade came from not only investing in an open market that requires little to feed and leverage, but also investing in himself. According to Abu Hantash, forex trading is more popular in the UAE than ever before, citing the number viet jet ipo brokers that have sprang up.

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Forex pending orders strategy

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The Sell limit order may help you take money off the table after you profit. These two are defensive moves, designed to help limit your risk. The next two pending orders play offense. They are designed to put you in the way of a trade you have reason to believe has a better than even chance of being successful. If you think there are sure things in Forex, put your money in CDs. A "buy-stop" directs your broker to buy if the price rises above a certain level. The Sell Stop can help protect you from sudden declines in the price of a security or currency pair.

If you enjoyed this article, be sure to check out our forex income article. Please leave a comment below if you have any questions on how to use pending orders for protection and profit! We specialize in teaching traders of all skill levels how to trade stocks, options, forex, cryptocurrencies, commodities, and more.

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There are four basic types of pending orders common in forex trading: Buy limit — an order to buy a security if the security reaches or goes below a certain price, selected by you. This helps protect you against a sudden price decline. You might set this limit just below an apparent support level, on the theory that if this support level is broken, there's no telling how far the price may fall until it reaches a new level of support.

Sell limit — an order to sell a security if it reaches or rises above a specified price. This order helps you take some profits off the table. You might set up a sell limit at or above your target price for a security. This is the point at which you believe a security is fully valued. You might set this just above a key point of resistance, on the technical trading theory that if a security breaks through this resistance point, it is set up for a bullish run to the upside.

Sell stop — A standing order to sell a security if the price plunges below the current asking point. You might place this order just below a key level of support, on the technical theory that if whatever had been kicking in at that price to buy the security in the past is no longer there, the security is set up for a bearish run. You want to be out of the position, or even take a short position, which allows you to benefit from price declines.

Clear as mud? Let's look at a few examples from the charts I created Click to see the full graphic. The Sell Limit Order, Illustrated. Author at Trading Strategy Guides Website. Back to Blog. While some forex order types are designed to open a position at the market rate, for example, others are more focused on entering at a specific price.

Similarly, while certain orders are executed with the intent of holding your position until further notice, others are designed to trigger an automated sell-off if prices move below a certain threshold. In the wrong situation, this could lead to significant losses that could have been avoided with a little education into the different types of orders at your disposal.

A market order is the most straightforward forex order. Similar to making an online purchase, placing a pending market order allows you to immediately purchase or sell currency at the current market price—no contingencies or delays are involved. Day traders who are using a short-term strategy may choose to keep an eye on price and create market orders as trading opportunities arise.

For longer-term forex strategies, traders often favor stop-loss, stop-entry, and limit-entry orders because they allow them to make trades and balance risks and rewards without staying glued to the computer. Advantages: Market orders let you open a position quickly, which can be advantageous if prices are moving fast and you want to jump in to capitalize on this momentum. Disadvantages: Market orders are executed at the going rate, which may not be ideal for traders looking for price deals.

Shown below is an example of a market order and pending order. They can be fixed-value stops buy stops and sell stops or trailing stops that change value relative to price movement. In some cases, a stop-loss may not account for price variations that occur prior to a price movement you have predicted through your research. For a short position, a buy stop-loss order should be placed above the current market price. Doing so enables traders to remain in a trade through small price fluctuations, exiting them from their position if the price rises or falls beyond their stipulated range.

Traders using trend-following strategies favor trailing stops because they enable them to hold their position through small dips or rises that are inconsistent with the overall trend. Advantages: Trailing stops let you lock in profits at a certain level while still allowing traders to see if trading momentum continues. Disadvantages: Trailing stops are only a relevant strategy for positions that yield strong profits. In some cases, reliance on trailing stops can cause traders to overlook other information when evaluating the value of their position.

Unlike stop-loss orders, stop-entry orders are used to capitalize on profit opportunities rather than curb losses. As the name suggests, they enter traders into a position rather than exit them from an existing trade. Stop-entry orders are trend-following orders. A buy stop-entry order is placed above the current market price and will automatically purchase a given currency entering the trader into a long position if an uptrend in price triggers the order.

A sell stop-entry order is placed below price, entering a trader into a short position in the event of a downtrend. Traders often place opposite buy and sell stop-entry orders simultaneously in an effort to cover all their bases and profit no matter what direction the trend takes. Advantages: This is a popular order type for traders focused on trends and traders who value breakthroughs and Fibonacci levels in their trading strategy. And, by the time the order is triggered for a buy or sell action, a certain amount of price movement has already occurred.

Limit-entry orders are used by traders who are anticipating a trend reversal. They can be placed to buy below the current market price or sell above the current market price. The value of a limit-entry order above or below the current price is the point at which a trader anticipates the market will reverse. Advantages: Limit-entry orders can be a great value play to open a position at a greater value, which, in turn, improves your profit potential.

Disadvantages: Some traders are overly focused on trends and reversals and maximizing their profits and end up missing out on strong trading opportunities because of their determination to secure the lowest price possible.

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Shown below is an example of a market order and pending order. They can be fixed-value stops buy stops and sell stops or trailing stops that change value relative to price movement. In some cases, a stop-loss may not account for price variations that occur prior to a price movement you have predicted through your research.

For a short position, a buy stop-loss order should be placed above the current market price. Doing so enables traders to remain in a trade through small price fluctuations, exiting them from their position if the price rises or falls beyond their stipulated range. Traders using trend-following strategies favor trailing stops because they enable them to hold their position through small dips or rises that are inconsistent with the overall trend.

Advantages: Trailing stops let you lock in profits at a certain level while still allowing traders to see if trading momentum continues. Disadvantages: Trailing stops are only a relevant strategy for positions that yield strong profits. In some cases, reliance on trailing stops can cause traders to overlook other information when evaluating the value of their position. Unlike stop-loss orders, stop-entry orders are used to capitalize on profit opportunities rather than curb losses. As the name suggests, they enter traders into a position rather than exit them from an existing trade.

Stop-entry orders are trend-following orders. A buy stop-entry order is placed above the current market price and will automatically purchase a given currency entering the trader into a long position if an uptrend in price triggers the order. A sell stop-entry order is placed below price, entering a trader into a short position in the event of a downtrend. Traders often place opposite buy and sell stop-entry orders simultaneously in an effort to cover all their bases and profit no matter what direction the trend takes.

Advantages: This is a popular order type for traders focused on trends and traders who value breakthroughs and Fibonacci levels in their trading strategy. And, by the time the order is triggered for a buy or sell action, a certain amount of price movement has already occurred.

Limit-entry orders are used by traders who are anticipating a trend reversal. They can be placed to buy below the current market price or sell above the current market price. The value of a limit-entry order above or below the current price is the point at which a trader anticipates the market will reverse.

Advantages: Limit-entry orders can be a great value play to open a position at a greater value, which, in turn, improves your profit potential. Disadvantages: Some traders are overly focused on trends and reversals and maximizing their profits and end up missing out on strong trading opportunities because of their determination to secure the lowest price possible. Trend lines and tools that use moving averages can help you identify and confirm trend direction and strength, and tools such as Bollinger Bands and oscillators will help you identify overbought and oversold conditions to locate ideal entry, exit, and profit-taking points.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. For purposes of this guide, I'll also use Bollinger Bands. This indicator makes it easy to identify possible trend reversals space between bands widens. Pending orders can be opened in two ways.

The first way to open a pending order is by time. That is, the IQ Option platform will automatically enter a trade position at some time in the future. The problem with this approach is that you can never know where the prices will be at any given time in the future. So it's advisable to avoid this method.

The second and recommended way to open a pending order is through price. That is, the platform will automatically enter the trade position once the asset's price reaches a specific level. The good thing about this approach is that you can easily predict that an asset's price will reach a certain point based on previous price movements. Pending orders partially automate the trading process. This leaves you with more time to analyze the charts. When trading forex, the trade entry point isn't the current price.

It is a price that's higher or lower than the current price. Pending orders allow you to enter position at a price point of your choosing. This removes the pressure of having to keep track of price movements which could lead to emotional trading. Partial automation allows you to keep trades open even when you're not physically working on your trading interface. Notice the price point of 1. During the uptrend, this price point formed a strong resistance where price consolidation occurred.

Once the price broke out of this level the uptrend continued. I would expect prices to bounce off this price point during the downtrend. So I'll place my pending order buy at the 1. But before going into the details, let's take a look at the steps to take. The first step involves choosing the amount to invest in this trade.

Step two involves selecting the multiplier. This is simply the leverage applied on this trade. The third step involves setting the auto close parameters. This includes setting the take profit and stop loss. Now that I've decided to enter a buy position once the price drops to 1. First, I'll hover my cursor along the prices left side of your trading chart until a small black box with 1.

Then I'll click once. Once this is done, IQ Option will send a notification on my trading interface indicating the pending position has been created. Now what happens when the pending position has been opened? IQ Option will send a notification indicating that the trade entry has been executed. If you look at the chart below, there are 3 different points. Point 1 shows the price point where the pending order will be triggered.

Point 2 shows the price the chart was reading when I entered the pending order command. Point 3 shows the point where the take profit and auto close feature will be triggered. That is, the price must rise from the point 1 to point 3 for the take profit feature to automatically close the trade. One great thing about IQ Option pending orders is that you can change their settings. You can increase the trade amount — if the trade goes your way and you want to increase profit. You can also adjust the take profit and stop loss percentage or amount.

You can also apply the trailing stop as well as set the trade to use the available account balance not just the amount you invested in the trade. To make these changes, simply click on the pending order. Your chart should look like the one below. Once all adjustments are made, you should click apply to save the new settings.

Note: You can also close a pending order manually. Simply click on the transactions tab on the left of your trading interface. Click on the pending orders feature and then select close for the pending orders you want to terminate. Pending orders are a good way to open future trades on IQ Option. This feature is available for forex, stocks, CFDs and other instruments. Now that you've learned how to open pending orders on IQ Option, try them out on your practice account.

We'd love to hear about your results in the comments section below.

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The Best Way to Use Pending Orders - Forex Trading 101

Determination of the entry points. There are several ways to determine them. Placing the stop loss order. Placing the take profit order.