MySQL: getting latest record

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My application is that I am getting the latest quote for a price where more
than one quote may have been made.

I've got a timestamp colum and I want to get the latest record where certain
columns have certain values.  Eg

SELECT * FROM MyTable WHERE Field1='test' ...?  something about the
timestamp

I may also have an OR in the condition, like WHERE Field1='test1' OR
Field2=test2'...    'test1' and test2' would be different products.

Do I have to use ASCending or DESCending on the timestamp column and LIMIT?

Never done this before so suggestions gratefully received.

Thanks,

John

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