Basic Question - How does the buy/sell order queue work?

I'm not sure I got it right and want some explanation from you guys here with regards to the buy/sell queue mechanic of the stock market.

Let's say Share A closes at $2.38 on the previous trading day, and opens at the same price, i.e. $2.38 on the morning of the new trading day.

However, let's say that in between the two time periods, you placed an order at $2.40/share. Now, when it comes to your turn at the queue, the selling price of the share is still $2.38...but your buying price is $2.40. So which will it be? Will the transaction be priced at $2.38 or $2.40?

Likewise, let's look at the alternative scenario. What if you placed an order at $2.38 but by the time it came to your place in the queue the stock price is at $2.40. What happens in such a scenario? Will your order get cancelled? Or will it remain in queue for the day/good till date at that specific $2.38 price till you get it (of course, if the stock never reaches $2.38 ever again, I assume you never get to buy it at the price).

Thanks. Would hope for some basic clarification here!

Edit: What about the selling price being at $2.38, but somebody sells his small lot of stocks at $2.35. Who will that be matched to? To the person with the highest buying price at that point in time, or to the person with a buying price of $2.35?

Submitted December 31, 2016 at 11:51PM by learner1314 http://ift.tt/2iSwqOJ