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Oanda Spikes

  • #1
  • First Post: Mar 15, 2008 1:13pm Mar 15, 2008 1:13pm
Just on the last day of trading I got two stops (at the right price) from limit orders executed (at the spike price). In other words, the spikes caused my limit orders to be executed which later on ended up as losses. This might be orders hunting since these are spike ups on a downtrend. These spikes are used to hunt buy limit orders.

I have attached the charts from different brokers comparing with oanda's data feed. The bars of interest and their corresponding highs are highlighted in boxes. You can compare FXCM and FXDD's data with Oanda's and you can clearly see that Oanda's highs are about 10 pips higher than the others.

BTW the ccy pair is EUR/USD.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: oanda.jpg Size: 312 KB
Click to Enlarge Name: fxcm_spike_1.jpg Size: 154 KB
Click to Enlarge Name: fxcm_spike_2.jpg Size: 152 KB
Click to Enlarge Name: fxdd_spike_1.jpg Size: 468 KB
Click to Enlarge Name: fxdd_spike_2.jpg Size: 453 KB
  • #2
  • Mar 15, 2008 1:52pm Mar 15, 2008 1:52pm
Stories like this abound about Oanda, get another broker.
The breaking of a wave cannot explain the whole sea.
  • #3
  • Mar 15, 2008 7:17pm Mar 15, 2008 7:17pm
Quoting Craig
Stories like this abound about Oanda, get another broker.
Any good brokers for recommendation? I am testing a new strategy and if Oanda is playing games I will switch definitely.
  • #4
  • Mar 15, 2008 7:29pm Mar 15, 2008 7:29pm
Without knowing what your trading consists of it's hard to give recommendations, all MM brokers play these BS games, you will probably be better of with an ECN in the long run.
The breaking of a wave cannot explain the whole sea.
  • #5
  • Mar 15, 2008 8:06pm Mar 15, 2008 8:06pm
2 whole posts and trading 1 min charts ....... you're just asking to get your ass handed to you ....
Same Whore .... Different Dress
  • #6
  • Mar 16, 2008 4:08am Mar 16, 2008 4:08am
I am actually scalping. Getting my ass handed to me? Hopefully not. I was still in profit despite the spikes. It will take sometime before I know the long term profitability trading with Oanda. My theoretical backtest was done with FXDD and it showed promising result, but that was FXDD's data without spikes.
  • #7
  • Mar 16, 2008 4:14am Mar 16, 2008 4:14am
I have noticed that change in price with OANDA and other brokers while trading. I have lost quite a bit of money with OANDA. What I have done to rectify this problem is I don't do limit orders or use stop losses. I monitor all of my trades and have those set mentally. Once I recover all of my funds back from OANDA I will be moving my funds elsewhere.
  • #8
  • Mar 16, 2008 6:49am Mar 16, 2008 6:49am
Quoting DollaBill
I have noticed that change in price with OANDA and other brokers while trading. I have lost quite a bit of money with OANDA. What I have done to rectify this problem is I don't do limit orders or use stop losses. I monitor all of my trades and have those set mentally. Once I recover all of my funds back from OANDA I will be moving my funds elsewhere.
Are you also scalping the market? I think it's pretty pointless if we don't use limits, since Oanda can still slip you a few pips with a market order.
  • #9
  • Edited 5:34pm Apr 2, 2008 5:23pm | Edited 5:34pm
this is the reason their api is $600/mo ..

(upper chart is gmt+3, lower gmt+2)
Attached Image (click to enlarge)
Click to Enlarge Name: oanda spikes3.png Size: 40 KB
  • #10
  • Apr 3, 2008 3:42am Apr 3, 2008 3:42am
WOW. That is one big rip-off! Check with them whether it's a mistake or not, and tell us their reply here.
  • #11
  • Edited 10:09am Apr 3, 2008 8:44am | Edited 10:09am
Quoting jlryan87
WOW. That is one big rip-off! Check with them whether it's a mistake or not, and tell us their reply here.
I doubt that would be useful.. Im just thinking its best not to use tight stop losses on Oanda.

I guess this is why they make you jump through hoops to obtain historical data..
  • #12
  • Apr 3, 2008 9:45am Apr 3, 2008 9:45am
i'm sure Oanda is not the only one with this kind of complaints but what can we do ?

i was very lucky today with eur/gbp.............a spike up after i went for a nap before i adjusted my SL.................

but maybe we can gain from this kind of spikes, just trade the other way that the tail of the candle is pointing.
  • #13
  • Apr 3, 2008 10:05am Apr 3, 2008 10:05am
Quoting findcount
i'm sure Oanda is not the only one with this kind of complaints but what can we do ?

but maybe we can gain from this kind of spikes, just trade the other way that the tail of the candle is pointing.
it's exactly what i would do if I had API access... two orders constantly bracketing the market at a given number of deviations. But doing it by hand is kind of tedious you know
  • #14
  • Apr 4, 2008 3:05am Apr 4, 2008 3:05am
looks like another one from Oanda on eur/gbp today but not as 'obvious' as yesterday's............

escaped another time today but hope it continues to go down.........otherwise the spike/stop-hunt might have been a 'benevolent' or 'merciful' one
  • #15
  • Apr 4, 2008 5:38am Apr 4, 2008 5:38am
I had some of these false spikes in my live account as well. Sometimes it happens. But Oanda gave ALWAYS my money back, always.

Regards - Xaron
  • #16
  • Apr 4, 2008 8:12am Apr 4, 2008 8:12am
Quoting pippero
it's exactly what i would do if I had API access... two orders constantly bracketing the market at a given number of deviations. But doing it by hand is kind of tedious you know
But you never know how many pips Oanda's gonna spike you. Let say you think you'll be spiked 100 pips and you put a limit order at 50pips further from market price with TP 5pips. If Oanda only spikes you 50 pips and the limit order get triggered, then you'll be in trouble. Much trouble if you didn't include SL.
  • #17
  • Apr 4, 2008 8:16am Apr 4, 2008 8:16am
Quoting jlryan87
But you never know how many pips Oanda's gonna spike you. Let say you think you'll be spiked 100 pips and you put a limit order at 50pips further from market price with TP 5pips. If Oanda only spikes you 50 pips and the limit order get triggered, then you'll be in trouble. Much trouble if you didn't include SL.
There would be a rollback in any case if the spike was an error on the platform (compared to other brokers). If you had a loss or a win, it doesn't matter.

Regards - Xaron
  • #18
  • Apr 4, 2008 8:20am Apr 4, 2008 8:20am
Quoting pippero
I doubt that would be useful.. Im just thinking its best not to use tight stop losses on Oanda.

I guess this is why they make you jump through hoops to obtain historical data..
I have a strategy that works very well backtesting using FXDD data, but the cons is I have to use tight stops. I need Oanda's tight spread and FXDD less-spike data, so I have no choice but continue to research another way of profit.

Anyway, I digressed. Back to the main question, I have heard some people claimed that Oanda always refund for those spikes you showed us, just as Xaron said (ps. he's a regular guy in Oanda's forum). I am not so sure about this and I doubt there's any hard evidence to show this. Meanwhile, I was told by Oanda's staff that price data will be cleaned up during maintenance during the weekends, if there's any. So the trades involving spikes will be cancelled automatically. I have no idea how true is that. Never seen one with my account.
  • #19
  • Apr 4, 2008 8:29am Apr 4, 2008 8:29am
Quoting Xaron
There would be a rollback in any case if the spike was an error on the platform (compared to other brokers). If you had a loss or a win, it doesn't matter.

Regards - Xaron
Well. That's what Stumm said. I am not sure of its validity. I believe spikes happen everyday but I don't see much correction been made other than occasional announcement about price spikes in commodity currencies.
  • #20
  • Apr 4, 2008 8:58am Apr 4, 2008 8:58am
That's what I say. I have had several wrong spikes in my account. All had been corrected afterwards.

Regards - Xaron
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