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 best current price.
A Limit Order– It is an order to buy at the market below the current market price or to sell at the market above the current price if the order price is reached. This is used when the trader thinks that the price action will reverse upon hitting that specified price level.
A Stop order – It is an order to buy at the market above the current market price or to sell at the market below the current price if the order price is reached. This is used when the trader thinks that the price action will continue upon reaching that specified price level.
