1.If you want to enter to Buy (go long) once the market hits a predetermined price that is ABOVE the current market price then you do so with a “Buy-Stop” order. (used if you believe that if the market moves up to that price that it’ll continue in that direction – example used: “Surfing” a wave top; pattern breakout)
2.If you want to enter to Buy (go long) once the market hits a predetermined price that is BELOW the current market price then you do so with a “Buy-Limit” order. (used if you believe that if the market moves down to that price that it’ll bounce back up – example uses: within-range trading; buying at the 62% Fibonacci retracement)
3If you want to enter to Sell (go short) once the market hits a