Q: Is it possible to place a buy (bid) order ahead of time that is actioned when a certain price is reached? Similarly, can I put in an order to sell when a certain price is reached? What is the correct terminology to tell the broker?
A: It is possible to ask your broker to buy or sell shares when certain limits are reached (although if the price you wish to buy or sell at is more than 10-15% away from the current trading price they may decline and ask you to resubmit your order at a later date).
Just tell your broker you wish to place a limit order - simple as that. As an example, if you wished to purchase Telecom shares at $4.50 and the current market price is $6.45 then your broker will probably decline your buy order. If you wish to purchase the shares at $6.10 then it would be accepted.