Stop entry order
A stop entry order is a type of order placed to buy above the current market price or to sell below the current market price, depending on the direction of the trade. It is used to enter a position at a specific price level, which is not currently available in the market.
For example, if the current market price of EUR/USD is 1.2000 and a trader wants to buy if the price goes up to 1.2050, the trader would place a stop entry order to buy at 1.2050. If the market reaches 1.2050, the order will be triggered, and a long position will be opened. Similarly, if the trader wants to sell if the price falls to 1.1950, a stop entry order to sell at 1.1950 would be placed. If the market falls to 1.1950, the order will be triggered, and a short position will be opened.