Tapping on an instrument within the favorites area will give you a popup bar, which gives you the following options:
Instant (or Market) - Open an instant or market order depending on execution type of the instrument.
Pending - Creates a pending order: Buy Limit, Sell Limit, Buy Stop, Sell Stop
Chart - Directs you to a chart window.
Move up - Moves instrument up in the list
Move down - Moves instrument down in the list
Favorites - Removes this instrument from 'Favorites'