There's another simpler scenario where I may want to use an order like this. Lets say I have .5 Bitcoin I bought a long time ago and plan to be holding for a long while, but the price zipped up really fast and I sell some at 12,200 with the intention of buying back in when it pulls back. After I sell, I'm watching the price continue to bleed out slowly to the downside but I don't plan to be glued to my screen for the next 20 hours and I want to just let it run and kind of see how low I can get it back. So, I want to set a buy order a little higher than what the price is now (say, 11,800) in case it breaks the downtrend and starts to reverse with strength, but still allowing it to have a chance to continue lower. (I'd probably only be thinking about doing this if i'm seeing that it's pretty low volatility and steadily downtrending at the moment and so I'm not super worried about big price whips up and down that would make this order immediately pointless. Also bear in mind that this order would lock in that nice rebuy at 11,800, already a nice boost to my long term position.)

Basically, for this scenario, it's the same idea as setting a take profit order for a true margin short position. I'm just looking for the best way to do this with Kraken order types when you're not actually in a margin short trade but you're just trying to manage and optimize a strategy to re-buy lower when you sell at an overextended high and it's really going down steadily in a low volatility fashion.

The reason I put this forward is because I'd presumably be using the same kind of order for this situation as I would be for the first one I mentioned.