In parallel lines (verse 4) the wish is expressed that Yahweh give the king his heart’s desires (literally “according to your heart”) and fulfill all his plans, a reference to victory in the coming battle. May he … fulfill all your plans may often be rendered as “may God enable you to do all the things you have been thinking about” or “may God make it possible for you to succeed in your plans.”
If Yahweh does so, then the people worshiping in the Temple, where this psalm is being used, will shout for joy (see also comments on “my cry” in 17.1) and celebrate the victory of the king in battle (see comments on 3.8 for the noun for “salvation, deliverance, victory”). Revised Standard Version takes the first part of verse 5 as a prayer, May we…, while Good News Translation takes it as a statement, “Then we….” It seems better to take it as a statement (see Bible en français courant, Biblia Dios Habla Hoy, New International Version, Traduction œcuménique de la Bible). Shout for joy over your victory must often be transformed into two clauses, the second being the cause of the first; for example, “may we shout for joy because you have defeated our enemies.” In some languages it will be more natural to express this line as direct address, “may we shout for joy and say, ‘You, king, have defeated our enemies.’ ”
Set up our banners: to “hold high the banner” was a sign of victory (this verb is used only here and in Song 6.4, 10); to do so in the name of our God is to praise him for giving victory. Since the practice of setting up banners, or flags, as a sign of victory is unknown to many modern readers, Good News Translation has discarded the figure and uses the general statement “celebrate your triumph.” The Good News Translation expression may sometimes be rendered “we will sing songs because you have won the battle” or “we will be happy because you have defeated our enemies.” Or else the line may be rendered “we will praise our God by singing songs because you have won the battle.” In some languages it will be more appropriate to speak of celebration as dance; for example, “we will dance and say our God is great because he has made you win the battle.”
In verse 5c the verb fulfil is the same as the one in verse 4b. Here, with your petitions as the object, fulfil is not a natural way of saying this in English. Something like “give you all you ask for” is better.
Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .