Monday Gap Open Closing Orders | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

weekly open line indicator which starts on monday open 3 replies

Gap Up and Gap Down terminology 8 replies

script to "close open orders" and "open opposite orders" 3 replies

closing the gap 2 replies

how can I unable EA orders while I have some open orders? 1 reply

Monday Gap Open Closing Orders

  • #1
  • First Post: Jul 23, 2012 4:54am Jul 23, 2012 4:54am
Hello, I am using Fxopen, as I know if there is open order (let's say Buy at 1.600, Stop Loss 1.5900), when Monday open gap at 1.5800, my order will be closed at 1.5800.

Conversely, If I buy at 1.600 (Take Profit at 1.6100), during Monday open gap is 1.6200, the order will be closed at 1.6100

How about other brokers?
  • #2
  • Jul 23, 2012 5:27am Jul 23, 2012 5:27am
Quoting klhh
Hello, I am using Fxopen, as I know if there is open order (let's say Buy at 1.600, Stop Loss 1.5900), when Monday open gap at 1.5800, my order will be closed at 1.5800.

Conversely, If I buy at 1.600 (Take Profit at 1.6100), during Monday open gap is 1.6200, the order will be closed at 1.6100

How about other brokers?
Of course if you buy then your TP is SELL Limit which means that your order should be closed precisely at the price your specified in TP. All Limit orders are closed at precise price.

In case of Stop Loss, it is a market order and it is triggered at the first available price.
  • #3
  • Jul 23, 2012 8:45am Jul 23, 2012 8:45am
Quoting slovforex
Of course if you buy then your TP is SELL Limit which means that your order should be closed precisely at the price your specified in TP. All Limit orders are closed at precise price.
no they are not, you are no newbie so you should know by now what limit order means.

http://www.investopedia.com/terms/l/limitorder.asp

limit order means that the price can be at worst the price specified but it can also be better.
I'm not insane; my mother had me tested.
  • #4
  • Jul 23, 2012 11:41am Jul 23, 2012 11:41am
Quoting slovforex
Of course if you buy then your TP is SELL Limit which means that your order should be closed precisely at the price your specified in TP. All Limit orders are closed at precise price.

In case of Stop Loss, it is a market order and it is triggered at the first available price.
It is not fair at all....
  • #5
  • Jul 23, 2012 7:47pm Jul 23, 2012 7:47pm
This is one of those things that make it obvious that traders should start small to get some experience.

Every broker that closes for the weekend treats orders the same AFAIK.

The solution is not to have a TP or a SL because in the event of a gap at open you will always get the worst price
Money grows on the tree of persistence
  • #6
  • Jul 23, 2012 11:10pm Jul 23, 2012 11:10pm
Quoting RoBiK
no they are not, you are no newbie so you should know by now what limit order means.

http://www.investopedia.com/terms/l/limitorder.asp

limit order means that the price can be at worst the price specified but it can also be better.
NO, please read it carefully what Investopedia says.

LIMIT ORDER: "An order placed with a brokerage to buy or sell a set number of shares at a specified price or better." See?

So if you buy and place TP which is Sell Limit in this case then the price of Sell Limit MUST NOT BE WORSE, only the PRECISE OR BETTER. Better means LOWER not HIGHER in this case.

That's why you get filled at the price you specified in TP when market opens higher and with gap.

With SL it is quite the contrary.
  • #7
  • Jul 23, 2012 11:41pm Jul 23, 2012 11:41pm
Sell low, buy high. Right. Does that sound better to you?
  • #8
  • Jul 24, 2012 1:16am Jul 24, 2012 1:16am
Quoting slovforex
So if you buy and place TP which is Sell Limit in this case then the price of Sell Limit MUST NOT BE WORSE, only the PRECISE OR BETTER. Better means LOWER not HIGHER in this case.
Please stop embarrassing yourself.
I'm not insane; my mother had me tested.
  • #9
  • Last Post: Jul 24, 2012 1:30am Jul 24, 2012 1:30am
Quoting RoBiK
Please stop embarrassing yourself.
AAAA, sorry for confusing, I got it

Yeah, FXOPEN practices are weird...
0 traders viewing now