Entry order

From Forexpedia

An entry order is one that is used to enter a trade at a specified price level. If the currency pair never reaches that price level then the entry order is not executed.

There are three types of entry orders:

A market order allows the trader to buy or sell at the current price.

A limit order is an order to buy below the current market price or to sell above the current price. This is used when the trader thinks that the price action will reverse upon hitting that specified price level.

A stop order is an order to buy above the current market price or to sell below the current price. This is used when the trader thinks that the price action will continue upon reaching that specified price level.