For buy or sell limit. Here is an example for you. before making a buy or sell limit order. you will check the price for each pair. example for eurusd. the price for eurusd now is at 1.3200. after you checking the chart for all time frame and think that it will go up to 1.3250 and rebound back to 1.3100. then your order will be putting the price for your sell post is 1.3250 and take profit at 1.3100. this will not actually instant execution on your sell post..once the price going to your selling price, the order will automatically open for you. before the price going to the price you set, it still under stand by order. same as buy limit order.
For buy or sell stop. pretending the eurusd now is at 1.3300 and if you think the price will going down to 1.3280 to the target 1.3250. then you need to open pending sell stop order with price 1.3280 and tp is 1.3250. once the price go to hit your set price it will automatically open order for you. if the price will not going to your set price and keep going up, it will be safe for you and you can delete the pending order by yourself. same as buy stop.
For buy or sell stop. pretending the eurusd now is at 1.3300 and if you think the price will going down to 1.3280 to the target 1.3250. then you need to open pending sell stop order with price 1.3280 and tp is 1.3250. once the price go to hit your set price it will automatically open order for you. if the price will not going to your set price and keep going up, it will be safe for you and you can delete the pending order by yourself. same as buy stop.
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