A pending order is an instruction to open a trade at a specific price in the future, rather than at the current market price. Pending orders are only executed when the market reaches the specified level. The four main types are buy limit, sell limit, buy stop, and sell stop. They allow you to plan entries in advance without needing to watch the screen.
EUR/USD is at 1.1050. You believe it will drop to 1.1000 before bouncing up. You place a buy limit at 1.1000 with a stop loss at 1.0970 and a take profit at 1.1080. If the price reaches 1.1000, your trade opens automatically.
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