Yes. Bracket orders (stop-loss/take-profit orders) can be submitted with a parent order. When the parent order is filled, the sub-bracket orders will be activated. You can also utilize stop loss/take profit order to close a position.
Assume the current market price is $61. You are hoping to buy the stock at $60 and sell out if the price rises to $70 (take profit) or drops to $50 (stop loss). You can submit a buy limit order at $60 (parent order) along with the bracket orders (child orders) including a sell limit order at $70 and a sell stop order at $50.
Later, if the market price drops to $60, the parent order will be triggered and filled at a price no greater than $60. Assuming you get into the position at $60, the bracket orders will be placed in the market and wait to be triggered.
Then, if the market price rises to $70, the sell limit order will be triggered, and the position will be sold at no less than $70. Or, if the market price falls to $50, the sell stop order will be triggered, and the position will be sold at that market price.