Trigger limitorder

[profitman]

Don't get the following:

Yesterday i placed an limitorder at Oanda to buy GBP/USD @ 1.9325.
Price hit a low according the Min/max of 1.9323.
The order didn't trigger.
When I asked Oanda they replyed with the following answer:

For your Buy Limit Order at 1.9325 to get hit, the Ask Price for GBP/USD must hit 1.9325. If the low was 1.9323, then the spread at that time for GBP/USD was 1.9323-27 and the Ask Price was 1.9327. For your order to be triggered the Bid price would have had to hit 1.9321 or a Bid/Ask spread of 1.9321-25.

So what they are saying is that the low on the min/max graph is the same as the bid at that time ?

Hard time believing that.

Anyone a answer to this ?

[MickMason]

The order wasn't triggered because the Ask never reached 1.9325, the low was 1.9323 Bid and therefore 1.9327 Ask, (23+4 pip spread). The price on their 'min/max' is obviously their Bid price.

Sounds plausible, no?

Out of interest, do their spreads vary? What's the biggest/smallest you've experienced with them?

Mick

ps hope you cancelled the order because we're on the way to 1.9250 right now!

[profitman]

If it is true what ur saying than it sounds plausible.

So this also means that when a S/L is set to 1.9325 and the low would have been 1.9323 the stop wouldn't trigger since the ask would be 1.9325 right and they only bid at 1.9321 (4 pip spread) ?

Or am i losing it ?

[MickMason]

If you were long from let's say 1.9360, with a Sell stoploss at 1.9325 the price would have to reach 1.9325 Bid ie 1.9325/29 to trigger the order.

If you were short from say 1.9290, with a Buy stoploss at 1.9325 the price would have to reach 1.9321 Bid ie 1.9321/25 to trigger the order.

I've never tried Oanda, do they hunt stops?

Mick

[profitman]

Thx for ur reply Nick, strange thing tho.
when ur long ur S/L ask is 1.9325, wich means the bid had to be 1.9325 in order to trigger, while for a buylimitorder the bid has to be 1.9321 to trigger, confusing..........
So when a low of 1.9323 is reached, the sellstoporder would have been triggered while a buylimitorder wouldn't on the same bid....... confusing.....

I've never tried Oanda, do they hunt stops?

Name one broker who doesn't ?

[MickMason]

The S/L on the long would be a BID @1.9325 not an Ask, you're selling to close a long.

A limit order to go long @1.9325 would be the ASK, so yes the Bid price would have to be 1.9321 to trigger the order.

If the low is 1.9323 Bid (1.9327 Ask), your Sell Stop Loss @1.9325 would have been triggered. Your Buy Limit Order @ 1.9325 would also have been triggered.

Mainstream brokers don't actively hunt stops, that's small back street IB's that do that.

Mick

[amarnath]

Originally posted by profitman
Thx for ur reply Nick, strange thing tho.
when ur long ur S/L ask is 1.9325, wich means the bid had to be 1.9325 in order to trigger, while for a buylimitorder the bid has to be 1.9321 to trigger, confusing..........
So when a low of 1.9323 is reached, the sellstoporder would have been triggered while a buylimitorder wouldn't on the same bid....... confusing.....



Name one broker who doesn't ?

i think cms don't try such silly ways they simply plug out servers during economic announcements easy way isn't making pips after maketed moved is your skills

[MickMason]

Originally posted by amarnath


i think cms don't try such silly ways they simply plug out servers during economic announcements

lol, that would certainly do it! If you don't like your customers trades simply switch the servers off and unplug the phone!

Mick