If I want to execute a trade at a certain point

Ok, say I am trading USD/CAD. I would like to but at 1.0500 when that rate is reached, what is this type of trade called? UsuallyI put in a 15 pip trailing loss afterthe trade and let it go nuts.

I just noticed in my Oanda practice account a lower bound and upper bound fields and was wondering if I could do that with these fields. Can I do that in this case?

You need to use the limit order function in oanda. To have a trailing SL on it you need to check the trailing stop box or activate it in your options. Then you can either put in a pip distance to trail or a price point at which it would keep the same distance. The upper and lower bounds are a separate function.