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12-02-04, 05:26 AM
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| Trigger limitorder 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 ? |
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12-02-04, 05:40 AM
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| 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!           |
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12-02-04, 05:50 AM
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| 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 ? |
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12-02-04, 06:02 AM
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| 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 |
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12-02-04, 06:18 AM
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| 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..... Quote:
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12-02-04, 07:40 AM
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| 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 |
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12-02-04, 07:51 AM
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| Quote:
 they simply plug out servers during economic announcements  easy way isn't making pips after maketed moved is your skills  |
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12-02-04, 08:35 AM
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lol, that would certainly do it! If you don't like your customers trades simply switch the servers off and unplug the phone! Mick |
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12-02-04, 09:46 AM
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| CMS You are exactly correct Amarnath, that is CMS's Modus Operadi and that is why I pulled my live account from them. May I ask what brokers you and Mick use? I am currently on demo with f x c m but I just recently downloaded Metatrader and would like to find a broker I can utilize Metatrader with. Hope you are collecting many pips.  |
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12-02-04, 10:09 AM
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| Re: CMS Quote:
(end of commercial break )Mick |
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12-02-04, 10:54 AM
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As far as stop hunting goes, I've never seen any evidence that would suggest that they do it on a consistent basis. I use independent charts and Oanda is quite consistent with their prices, imo. Nat |
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12-02-04, 11:17 AM
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| ok, thanks Nat, I guess it's personal choice but I prefer fixed spreads myself as it makes things a lot simpler in my opinion. What's the upside or attraction of a variable spread against say a fixed 3pips on the majors? Mick |
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12-02-04, 01:19 PM
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| Quote:
I won't put on a trade in front of the US announcements so I never have to pay the higher spread. I will trade after them, but I always wait at least 15 min and the spread comes back down by then. However, I did get caught once recently when I was waiting for a signal on the GBP which came during the Euro session. I entered the trade then when the position came up I realized that I had just paid a 7 pip spread. I checked my list and there was a UK announcement that had slipped right by me. I still would have taken the trade, but it's annoying, to say the least. All in all, a fixed spread appeals to me as well...it's just one less thing I have to think about. I rarely get slippage and when I do it's very small, though I've read plenty of complaints on their boards, but I suspect it happens during announcements. Paying 3 vs 4 for the GBP is enticing. I'm getting ready to open another account, this one will be in Europe. I'm thinking about Saxo or Synthesis. My main concerns are privacy and safety. I have had a couple of accounts offshore in the UK for quite some time now, but with the UK being in bed with the US, I don't trust them not to share info...regardless of what they say. If I remember correctly, you're an American residing in the UK. What's your take on that? I may be paranoid, but it doesn't mean the gov't isn't out to get me. :-) Nat |
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12-02-04, 04:45 PM
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| Nat I looked at Synthesis a little while ago, as a Swiss bank I'm sure they're very conscious of confidentiality issues, but have you seen the spreads and transaction charges? Trading through a bank rather than a marketmaker is all well and good but could liquidity be a problem in volatile markets, not to mention wide spreads. I'm sure you've considered all the pros and cons yourself. I suppose it really depends on the volume of trades you execute each month/year, for me the additional overhead of even one extra pip spread would equate to around 500 pips a year (average 50 trades per month), that was unacceptable to me. It might even-out with better quotes but I've never had the time or opportunity to compare. I had a Reuters price feed for a while and it scared me to death, spreads around data were huge and prices moved 50 and 60 pips in milliseconds, you'd need to be fast on the mouse with those kinds of moves! I'm actually an Isle of Man resident, although I spend the majority of my time in the UK and the US as I have family both sides of the Atlantic, I'm 'home' in both. There are the obvious tax benefits but I don't get away with everything unfortunately  The world is a small place and getting smaller, information is shared among governments for all kinds of reasons, I don't think anything is truly confidential any more. I was reading an article the other day about mobile phones and government security agencies, scary stuff, going by what they said, paranoia is justified!! I'd definitely be interested to know how you get on with trading through a bank if you decide that route. Cheers Mick |
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12-03-04, 03:39 AM
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| Mick I've been roaming this forum for some time. I havent see many mentioning CMC. Most would be fxcm, O&a, Gft etc. Why? Is it b/c CMC has small retail clients. At another forum trade2win I've see many unpleasent comments for CMC. Sorry for being cautious. Just like to be secure b4 trading with them. After reading bad experiences in this forum I like to avoid them. |
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