Stop loss limit orders
This article is for clients using the Kraken Classic interface
If you are looking for information on stop loss limit orders on Kraken Pro, you can find out how here!
In a stop loss limit order a limit order will trigger when the stop price is reached. 
To use this order type, two different prices must be set:
Stop price: The price at which the order triggers, set by you. When the last traded price hits it, the limit order will be placed. 
Limit price: The price you would like your limit order to fill at. Your order will be filled at this price or better.
Example: You have a long position on BTC open and the current BTC/USD price is 8000. You don't want to close your position below 7900, so you open a stop limit order with the stop price set to 7950 and the limit price set to 7900. The price falls below 7950, triggering your stop price. A limit order will then be opened to fill at 7900 (or better).
It is important to note that your stop loss limit order is not directly tied to a position (not reduce only) but is an independent order and if you exit a position in an alternate way the stop loss limit must also be manually cancelled.
Note: Limit orders that execute immediately are treated as taker orders and will incur taker fees.