Set and forget. How to use pending orders on important price levels?

Pending orders on price levelsAre you tired of sitting in front of the chart for 10-12 hours a day? With pending orders, you do not have to wait for the market to make the desired move. The market works regardless of your presence and your order will be executed automatically.
We have already written on the Olymp Trade Wiki about pending orders. Today I will show you how they can be used in trading.

How to set a pending order for Fixed Time Trades

Let’s start with a little reminder. Let’s assume that we predict that the price of the EURUSD pair will go up and when it reaches 1.1775 it will turn back.
When using a pending order, you do not have to sit at the chart and wait to open a trade. Just select the instrument and specify the price level at which you want to open a trade. Click “Order” on the right sidebar of your Fixed Time Trade interface. Then enter the price in the Quote window. You can also set a minimum payout rate for opening a position. Once you have confirmed with the Set-Up button, all that remains is to select Up or Down. The choice will depend on whether you anticipate a price increase or decrease when you reach the level that triggers the trade. Trade duration and trade size are taken from the main settings of the Fixed Time Trade interface on the right sidebar.

How to set up a pending order on Olymp Trade
How to set up a pending order on Olymp Trade

Once the order has been set, you can see it by clicking on the “Trades” section of the left menu and selecting the “Orders” tab. You will see all the elements of your order in the picture below. Here you have the name of the instrument, the direction of trade, the investment amount, the opening price, and the defined duration of the trade. If at any time you change your mind, in this window you can cancel your pending order.

Pending order on Olymp Trade
Pending order on Olymp Trade

Where exactly to set up pending orders

Of course, the best strategy is a working strategy. In short, the order should stand where you expect the price to change direction. Today I will offer you a 1-minute chart. My favorite instrument for this type of trading is the EURUSD, but you can also try on other liquid markets which charts behave technically.
Since the analysis comes from a 1-minute chart, I also set the trade length to 1 minute. I only want to capture the first price response to the level defined in the order. I am not interested in whether the trend will finally be reversed, but only whether the price will react with the level for a while (1 minute).

Look at the chart below. Think about why I set these 3 price levels.

3 important price levels
3 important price levels

Supply and demand zones

The level marked as L1 in our chart is the supply area. By identifying such lines it is important to determine where the price has started a very dynamic movement. It is very likely that if the price returns to this level, it will react with it because there is demand there. Demand and supply zones are a very interesting phenomenon. We will certainly elaborate on this topic in the future.

Fixed Time Trade on demand level
Fixed Time Trade at the demand level

Price level clearly rejected by the market

The next level marked as L2 in our chart is the shadow of a large pinbar and the place where the market clearly showed a rejection of the price level. Previously the price reacted with it. I also attach below a picture of a trade triggered by a pending order at this level.

Transaction on the level of end of pinbars wick
Transaction at the level of the end of pinbar’s wick

Support and resistance levels

The level marked as L3 is the classic price resistance level. We can see that in the past, the price clearly reacted with it by making large movements after touching the level. So it is worth following such points on the chart. History repeats itself. Take a look at the trade execution from this pending order below.

Transaction on the major resistance level
Transaction at the major resistance level

Pending orders – summary

Pending orders are not only about saving time. It is a convenient trading method which also allows minimizing the impact of emotions on investment decisions. You can set up several orders and go shopping or ride a bike.

IMPORTANT – orders waiting for Olymp Trade work on the server-side. This means that if you close the platform with an active pending order, it will be executed if the price reaches the set price level. Always check before closing, whether you want to leave the order or cancel it.

Every trader wishes to achieve the satisfactory performance of the trading. Therefore, before you start your adventure with pending orders, test everything in your demo account. If the results are positive, try your hand in real life. There are no 100% strategies. With a bit of work, you will gain enough experience to identify good price levels. Then just “set and forget”.

We wish you successful trading!

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Bart Bregman

Full time day trading, and helping out with Olymp Trade wiki in my spare time to create an awesome platform for beginners. I'm a digital nomad that travels the world while working from everywhere!

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