What's a Conditional Order?
You’ll use a Conditional Order when you want to buy a Crypto Currency at a price when certain conditions are met. In other words, you want to wait for the price come to a certain price, before pushing your order to the exchange.
This type of trade is commonly used in a Break-Out Strategy. In those cases you want to get in the Trade as soon as the price breaks a key-level. Key Levels can be for example Order Blocks or Support and Resistance levels.
In this tutorial we’ll walk you through the steps of placing your first Conditional Market or Limit Order. Besides Conditional Orders you can also place normal Limit Orders or place normal Market Orders with PacifyPro.
Placing a Conditional Market Order
A Conditional Market Order means, that you’ll buy a coin at Market Price instantly as soon as the Current Price meets your Price Condition.
/buy xrp/btc amount 0.01 price market 3000
In this case you’ll buy XRP for 0.01 BTC as soon as the price of XRP hit 2600 sats. Once you give this command, confirm the order by pressing the Finalize button.
Placing a Conditional Limit Order
A Conditional Limit Order means, that you’ll buy a coin at your (lower) Limit Price as soon as the Current Price meets your Price Condition.
/buy xrp/btc amount 0.01 price 2900 3000
In this case place your XRP order at 2900 sats as soon as the price of XRP hits 3000 sats. This is often used in situations where you want to buy a coin at a support level for instance as soon as it breaks its key resistance level. Again press the finalize button to confirm the order.
If you want to lean more about Support and Resistance levels, make sure to check out our post about Support and Resistance.