huge spike of GBPNZD by ibfx (from 2.74 to 1.16)

September 15 2008 GBPNZD dropped from 2. 74 to 1.16. Anyone knows what's the reason? Thanks a lot!

bad data

I tried to delete the history directory and reopened MT4, but it's still the same. Is the bad data from ibfx or is it my reason?

ibfx you can't get rid of it

thanks a lot, magnumfreak. But when I asked ibfx why is this, ibfx suggested me reset the candles on my chart. It seems to ibfx it's my reason.

Here is my email and their reply.

==
Hi, Dear Sir/Madam,

I have 2 questions.

(1) I can see only a few monthly bars for some pairs, e.g. USDZAR, GBPNZD (back to only Sept 2008), while I can much more bars for other pairs such as EURUSD, USDCAD (back to 1988). Is it normal?

(2) There is a huge spike on GBPNZD weekly chart, which shows the price dropped from about 2.7 to 1.668 in the week starting Sept 14 2008. But this spike is not shown on the monthly chart. What happened if a trader had an order at that time? I don't think GBP really dropped that much in Sept 2008.

Thanks you very much!
==

And their reply:
==
Dear Customer,

Thank you for contacting Interbank FX regarding your charts. You can try to reset the candles on your chart.

You can do this by going to shutting down your platform and then deleting the history file.

You can find the history file by following these instrucstions.

Go to Start
My Computer
C Drive
Program Files
Interbank FX Trader 4
Then right click on the History folder and select delte.
Close that window and reopen the platform. That should make the platform pull all the information for your charts again.

Please feel free to contact us at anytime with your questions or concerns. You can contact us by email ....

IBFX will only make things right if you call them(or email) up and complain(of course u must have a loss that needs correction). I have seen spikes of 300 pips or better in 1 day! This is 99% bad data and they normally replace losses. Thats only for the vocal customers-if you call them.They wont be calling you. I wonder how many trades were wiped out and traders just never called? I bet it is more than 1. I suffered 1 such spike( measly 52 pip spike that was their obvious attempt at StopHunting). I closed my account less than 2 minutes later. Their not a Broker/Dealer you could ever trust long term, IMO.

Lol, I've always wondered what "bad data" is exactly. Why is it true ECN's and interbank platforms like Currenex never have "bad data" and it's only the bucketshops? Ask yourself THAT question

It's important to remember that regardless of what IBFX shows on their website, they are the King bucketshop in forex. As another poster mentioned, if you lost money on that trade they will most likely refund your loss IF you ask them. But you should expect to see this crap at bucketshops from time to time.

For the peole who speak of "bad data", could you please clarify precisely what you're talking about? Where exactly does this bad data come from, and why is it not seen on true ECN/interbank platforms?

This should be good!

It's something you see more often on metatrader platforms than any other. Not sure what the cause actually is, could be any one of a number of things. Maybe a temporary loss of communication between the metatrader server and their liquidity provider. Whatever the cause, just because it happens doesn't mean the broker did it on purpose. Not all bucketshops have that issue.

I know of one broker who claims ECN processing that has this issue almost daily when they do their reboot around midnight eastern.

Ok good enough; thanks for the input. I just have a general distrust of the bucketshops, but I think you are correct that it could be an innocent technical issue rather than a blatant stop hunt...

Spikes in NZD pairs happen allot.