Hello apache20,
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.
For this specific scenario of where you want to sell your BTC when the price reaches 12,200 and buy back at 11,800:
You can setup a Sell Take Profit order (Profit Price = 12,200) with a conditional close of Take Profit (Profit Price = 11,800).
This will ensure that the order to sell at(or above) 12,200 is filled as market order and sold at(or below) 11,800 as market order.
For more information on Take Profit orders:
https://support.kraken.com/hc/en-us/articles/203053226-Take-profit-orders