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Forex Trade Results May 17, 2022 – $7,470

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Forex Trade Results May 17, 2022 – $7,470

Today’s-Forex-Smart-Trade’s-Trade-Results

Types of Forex Orders.

Limit Order

Continuing our discussion of the types of forex orders, a limit order is an order placed to either buy below the market or sell above the market at a certain price.

This is an order to buy or sell once the market reaches the “limit price”.

  • You place a “Buy Limit” order to buy at or below a specified price.
  • You place a “Sell Limit” order to sell at a specified price or better.

Once the market reaches the “limit price,” the order is triggered and executed at the “limit price” (or better).

Limit Orders
The current price is the blue dot.

In the image above, the blue dot is the current price.

Notice how the green line is below the current price.  If you place a BUY limit order here, in order for it to be triggered, the price would have to fall down here first.

As you can see, a limit order can only be executed when the price becomes more favorable to you.

Notice how the red line is above the current price.  If you place a SELL limit order here, in order for it to be triggered, the price would have to rise up here first.

Example

For example, EUR/USD is currently trading at 1.2050. You want to go short if the price reaches 1.2070.

You can either sit in front of your monitor and wait for it to hit 1.2070 (at which point you would click a sell market order).

Or you can set a sell limit order at 1.2070 (then you could walk away from your computer to attend your ballroom dancing class).

If the price goes up to 1.2070, your trading platform will automatically execute a sell order at the best available price.

You use this type of entry order when you believe the price will reverse upon hitting the price you specified!

A limit order to BUY at a price below the current market price will be executed at a price equal to or less than the specified price.

A limit order to SELL at a price above the current market price will be executed at a price equal to or more than the specific price.

Stop Entry Order

A stop order “stops” an order from executing until the price reaches a stop price.

You would use a stop order when you want to buy only after the price rises to the stop price or sell only after the price falls to the stop price.

A stop entry order is an order placed to buy above the market or sell below the market at a certain price.

  • A “Buy Stop” order is used to buy at a price above the market price, and it is triggered when the market price touches or goes through the Buy Stop price.
  • A “Sell Stop” order is used to sell when a specified price is reached.
Stop Orders
The current price is the blue dot.

In the image above, the blue dot is the current price.

Notice how the green line is above the current price.  If you place a BUY stop order here, in order for it to be triggered, the current price would have to continue to rise.

Notice how the red line is below the current price.

If you place a SELL stop order here, to trigger it, the current price would have to continue to fall.

A stop order only executes when the price becomes less favorable to you.

Example

For example, GBP/USD is currently trading at 1.5050 and is heading upward.  You believe that price will continue in this direction if it hits 1.5060.

You can do one of the following to play this belief:

  1. Sit in front of your computer and buy at market when it hits 1.5060 OR
  2. Set a stop entry order at 1.5060.

Today’s-Forex-Smart-Trade’s-Trade-Results

Learn to Day Trade Forex

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