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A quick review of the order types may be in order.

Market Orders are orders to buy or sell which are placed in the execution queue immediately upon receipt. They will be executed as long as there are shares available to be bought or sold, at any price, when the order hits the front of the line. Trades are executed at the price prevailing at the time of execution.


Limit Orders are orders to buy or sell at a specified price (the Limit Price) or better. The minimum/maximum price a sell/buy order will be executed at is guaranteed, but there is no quarantee that price will ever be reached, so there is no guarantee the the trade will ever take place.

Stop Orders are sort of like Market Orders with fuses. These orders sit idle until a specified price (the Stop Price) is reached. At that point they become normal Market Orders and are placed in the queue for execution. If the Stop Price is never reached the order never gets executed. Note also that the price may change while the order is in the queue, between the time the Stop Price is hit and the order execution takes place.

Stop Limit Order is essentially a combination of a Stop Order and a Limit Order. It sits idle until the Stop Price is hit, then becomes a Limit Order for the purachase/sale of shares at a specified price or better. These orders will only be executed if conditions for both the Stop and Limit are reached.


Note that, in theory, all of these orders can be placed as either Good 'Til Cancelled or for the Day Only; however, some of the deep discount brokers don't allow GTC on all trades.

So, I think the answer to both your questions is a Limit Order; but, you have to realize that the transaction may never take place.

Hope this helps clear things up rather than make it worse.


Regards,

Creighton
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