In the interbank market, traders can place different types of orders to execute trades. Here are the three main order types used in the interbank market:

1. Limit Orders: A limit order is an order to buy or sell a currency pair at a specific price or better. For example, if the current market price of EUR/USD is 1.2000, a trader might place a limit order to buy EUR/USD at 1.1950, hoping to get a better price. If the market reaches the limit price, the order will be executed automatically.
2. Market Orders: A market order is an order to buy or sell a currency pair at the best available price. This means that the order will be executed immediately at the current market price. Market orders are commonly used when traders want to enter or exit a position quickly, regardless of the price.
3. Stop Orders: A stop order is an order to buy or sell a currency pair when the market reaches a certain price level, called the stop price. Stop orders can be used to enter or exit a position, depending on whether the order is a buy or sell order. For example, a trader might place a stop order to sell EUR/USD at 1.1850, hoping to limit potential losses if the market moves against them. If the market reaches the stop price, the order will be executed automatically.