to buy if price breaks a high, you will place SL order...
Example: if price is at 100 now, and you want to buy if price crosses 101, you will place a SL order with trigger price 101 and price 101.1 or 101.2
Or you can place an SL-M order with trigger price 101.
example of limit order:
if price is at 100 and you want to short sell if price reaches 101, you will place a limit sell order at 101.
if price is at 100 and you want to buy if price falls to 99, then you will place a limit buy order at 99.
if price is at 100 and you place a limit buy order for 101, trade will be executed at current market price (100).
if price is at 100 and you place a limit sell order for 99, trade will be executed at current market price (100)
so, essentially, when you are placing limit orders, you are predicting that market will turn direction from that price point... i.e picking tops and bottoms...
or are you guys collectively calling limit orders, SL orders and SL-M orders as limit orders?