Entry Stop Orders
These are bitcoin trade orders to buy above the btcusd market or to sell below the btcusd trading market.
- Buy Stop OrderAn order to buy at a level above the btcusd market price.
- Sell Stop OrderAn order to sell at a level below the btcusd trading market price.
Buy Entry & Sell Entry Orders
These orders are also known as pending orders. These pending trading orders are used by traders wanting to trade a set-up like the consolidation cryptocurrency pattern but they don't want to wait and watch the prices all day long until there's a price breakout. Therefore, traders will set these pending orders above & below price & a price breakout in any of these direction will execute one of these pending orders & a buy trade or a sell btcusd trading will automatically be opened and executed.
Buy Stop Order
In the bitcoin trading examples below a buy stop order was placed to buy at a level above the current market price.
The price then went up to hit the buy stop order, & afterward price continued to move upwards.
How to Place a Pending Order Buy Stop Order on MT4
How to Place a Pending Order Buy Stop Order on MT4
A Buy bitcoin trade was generated from the above order when the price broke a resistance line in the first example and when there was an upward price break out after a market consolidation pattern.
Sell Stop Order
In the cryptocurrency example illustrated below a sell stop order was placed to sell at a level below the current market price.
The price then went down to hit the sell stop order, & afterward the downwards price move continued
How to Place a Pending Order Sell Stop Order on MT4
Pending Sell Order Set in a Bitcoin Price Breakout - How to Place a Pending Order Sell Stop Order in MetaTrader 4
A Sell bitcoin trade was generated from the above sell stop order after support line is broken after a consolidation bitcoin trading pattern.
How to differentiate between stop Cryptocurrency orders & limit BTCUSD orders
It is easier to first of all remember one concept. The easier concept is that of Stop Orders are set above and below the price.
In the mean time Download MT4 platform & practice setting these orders on a Practice Demo Account.
How to Place a Pending Order in MetaTrader 4
Open a Trading Bitcoin Chart, Right-Click on the bitcoin Chart, Choose New Order, then Follow the steps below
Step1: Choose Pending order as illustrated & shown below
Step2: Choose Pending order Menu as Show below
Step3: Select Buy Stop Order or Sell Stop Order
Step4: Click 'Place' Order
Steps to Setting These Pending Orders on MetaTrader 4 - How to Place a Pending Order in MetaTrader 4
