DislikedI am with pepperstone. I was short at the UK open and noticed that price was likely to reverse, I moved my SL to 130.97 and placed pending buy at 131.00. There was news and my stops got hit but at 131.238. With my SL position I was 26 pips worse off and 23 pips on my pending long position. Excuse they are giving is that the market reacted to the news and gapped up creating slippage. There is no gap when look at the 1M charts. I have told them to refund the money or I withdraw and go elsewhere and should hear back tomorrow. Appreciate your thoughts...Ignored
A candlestick or bar is just a visual representation of open, high, low, and closing prices. If the candle opened at one price, then news is released causing a drastic gap, then the candle closed, it would appear like a long bar that covers the gap. This means it has zero relation to liquidity during the news release that could cause such a move.
If the market moves through your order levels, and it triggers your orders, they get executed at the next available market price. Should a huge gap caused by a news release move through your orders, they get triggered, but the next avilable market price will be where the current market trades (not where your order was placed.) Understand, an unexpected result (like drastically different numbers from what was forecast) of a news release can cause the market to move very far (I've seen 100+ pips at times) within just a few ticks (not seconds, not minutes, but single ticks of price moving.)