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Can I set a stop loss before the price drops to my entry point?

Binance

Cryptocoins Exchanges / Binance 206 Views

So lets say X coin is at $2 and I see it dropping to $1.50 so I set my buy order at $1.50. Can I set a stop loss, let's say $1.40 before I actually buy the coin (since the price hasn't hit $1.50)?

Also, can we set our stop losses before buying/selling for shorts and longs? (I'm not using Futures, just the "Classic" tab/view on Binance with the Cross 3X stuff.)

submitted by /u/EuivIsMyLife
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