stop.3270 just below. Such powerful is this type of pending order, that it is widely used in Forex trading. Buy limit, a buy limit is an order that says you are willing to buy a currency pair at a specific price or better. These pending orders can be placed on any trading platform.
Not all platforms are offering all of them, but it is important to know that they exist and how can be used. However, it is not recommended to use pending orders to trade the end of the b-wave in a flat, as this one has virtually no limitations. If the pending order gets filled, it means that the triangle completed. A classical stop loss for this trade would be at the highs of the wedge (the maximum value the eurusd printed during the wedge formation) and the take profit should be the start of the wedge. There are multiple types of orders but will take a look at the most basic ones that you are most likely to find. Basically, a buy limit order lets you enter a trade at a better rate than currently available. Sometimes with more complex platforms, you can have multiple actions in the same order. It is impossible to know in advance the type of the impulsive wave (third-, first-, or fifth-wave extension but it is possible to know that a five-wave structure is about to form. The chart above shows the eurusd currency pair on the hourly chart. For this, one needs to know whether a correction is a simple or a complex one; and having clarified that, pending orders can be used.
You simply click the button to buy or sell and get involved. In a strong trend, using such pending orders allows for adding to the initial position. For example, it may be that the market is forming a contracting triangle at the end of a bearish double combination. When we first start trading Forex, we most often play what is known as a market order to get involved.
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