Simon Alagbe shows how to place a pending buy stop order on mobile. He sets entry at 1.14265 on EUR/USD, with stop-loss at 1.13915 and take-profit at 1.14800, then chooses good-till-cancelled so the order stays active until filled or manually cancelled.
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Hello and welcome to this channel. In this video, I'm going to give us a guide on how to place pending orders, the 4 types of pending orders with our mobile device. I am going to consider EUR/USD for this pending order, so I quickly locate EUR/USD on my quotes. Okay, so this is EUR/USD, so I long press on the instrument I open the chart of the instrument. This is the chart of EUR/USD at this point in time, and according to this chart, I can see that EUR/USD is trading at price 1.14066. So I would quickly run through for my analysis. Then the next step is for me to take my trade. So how do I take my trade? I tap on the new order icon found to the extreme right of my screen. I tap on it and it leads me here. Currently, I have market execution, but I am not interested in taking an instant execution at this point in time. I want to take advantage of opportunities that will arise in the market at a later time, so I'm going to change this to pending order, and the type of pending order I want to start with is a buy stop. Uh, the buy stop means that where EUR/USD is currently trading now, that's at price 1.14064, EUR/USD is going to appreciate from this price level and will continue to go up to a particular price level that is higher than this current price level. Once it gets to that particular price level, it's going to turn this buy stop to an instant buy at that time. So at what price do I want to buy from? That's that's at price level 1.14265, for instance. And what's going to be my stop loss on this trade? I might use stop loss of 1.13915. And what's going to be my TP on this trade? I might decide to use 1.14800. So once I am done with the setup, The next thing is for me to either set expiration or allow good till cancelled. If I set an expiration period, if I set an expiration period and as at the time that is preset, if price has not gotten to the price level I have set, then it is going to automatically delete that trade. But if I have it as good till cancelled, the trade will continue to wait until price is able to get to that particular price level. So I'm going to leave it at go till cancelled, then I tap on place. Okay, so this is, um, the pending order I just placed now. So you can see it here, EUR/USD buy stop. My lot size was 0.01 because of my balance, and this is the price at which I want to buy from. That's at 1.14265, and the current price is what you are seeing to the, um, right side of the screen. That's 1.14079. So thank you very much for being a part of this video. Some subsequent videos will still be coming up where we'll be looking at some other trading topics. Thank you.
