Yes, the infamous trade of a lifetime... Funny how those show up almost daily. TSLA was a great one today. Once it broke 200... Boom! Hope someone caught that!
It is just a method of entering method besides entering live. A useful tool a trader can use even if he/she is not on his/her trading screens. Pending orders are used by many traders to increase the risk/reward ratio and eliminate the hassel of waiting at charts for price to come in their trading range.