Pending orders are of two types: STOP & LIMIT.

It’s not your personal choice to use one or the other, it’s the current price at the very moment you place the pending orders that tells you which one of the two:

• place a LIMIT pending order when the planned entry price is BETTER (according to direction) that the current one, lower  if you go LONG (you buy at a better price) and higher if you go SHORT (you sell at a better price)
• place a STOP  pending order when the planned entry price is WORSE  (according to direction) that the current one, higher if you go LONG (you buy at a worse price) and lower   if you go SHORT (you sell at a worse price)

The attached pic shows what I said.

Choosing the wrong type may lead to orders being placed at market or not placed at all.

Another difference between the two types is that usually when using STOP excution is granted but the price is NOT (can be that one or a worse price), when using LIMIT the price is granted but the execution is NOT. But sometimes brokers follow different rules.

The ProRealTime platform CANCELS automatically all pending orders when a candle closes, so they only last one bar, thus there’s no need for instructions to cancel them. If you plan to place a pending order lasting more than one bar, you will have to place it again and again, each new bar, till needed.

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