Why didn't my broker close my take profit order? | Forex Factory

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Why didn't my broker close my take profit order?

  • #1
  • First Post: Nov 30, 2011 8:49am Nov 30, 2011 8:49am
Hey, can anyone please remind me again of the structure behind the take profit?

Trade: short
entry: 1.3350
Take profit: 1.3260

Result: Price went down to low of 1.3258 and reversed but my take profit was not executed and I'm stuck with a trade in negative P/L.

Last night I entered a short in the EUR/USD around 1.3350 and set my take profit at 1.3260. Once I entered the order I shut down MT4 and my computer.

I woke up this morning seeing that price reversed the other way but my orders were not closed.

I checked closer and saw that price reached a low of 1.3258 before reversing.

Now I know that there's a bid/ask price so I'm thinking since that spread is roughly 2-3 pips in EUR/USD, the broker did not close my order because price didn't actually touch my take profit level. Is that why?

OR

Was it because I closed MT4 and my computer, that price moved and when I turned on my computer price had reversed, that gap when my computer was closed my broker did not register the take profit?

Any veteran traders please give your input, thanks!
  • #2
  • Nov 30, 2011 9:37am Nov 30, 2011 9:37am
Quoting idash
Hey, can anyone please remind me again of the structure behind the take profit?

Trade: short
entry: 1.3350
Take profit: 1.3260

Result: Price went down to low of 1.3258 and reversed but my take profit was not executed and I'm stuck with a trade in negative P/L.

Last night I entered a short in the EUR/USD around 1.3350 and set my take profit at 1.3260. Once I entered the order I shut down MT4 and my computer.

I woke up this morning seeing that price reversed the other way but my orders were not closed.

I checked closer and saw that price...
It will be because the spread was over 2 pips when the bid price reached 1.3258, and therefore your short didnt quite hit TP.
  • #3
  • Nov 30, 2011 11:00am Nov 30, 2011 11:00am
So I'm guessing that the ask price was above 1.3260 and hence the price didn't hit take profit.

By the way, what is the price that is shown on the charts, the bid or the ask price? or is it the average of the bid/ask spread?

XE shows today's lowest point to be 1.3262, while FF liquidity page shows lowest point to be 1.3259.

Quoting muzza
It will be because the spread was over 2 pips when the bid price reached 1.3258, and therefore your short didnt quite hit TP.
  • #4
  • Dec 1, 2011 10:48am Dec 1, 2011 10:48am
metatrader charts show bid

trader
buys ask <high>
sells bid <low>

retail br0kers execute like this to take the spread regardless if order is a stop or a limit

on an exchage (CME, ecn's) traders can buy at bid and sell at ask by using limit orders

also retail br0kers may slightly short term fudge pricefeed to trigger or avoid some orders to their own advantage (or maybe it just happens by accident). i noticed occasional divergence between data feeds especially visible during volatile action. just comparing history bar highs & lows i found instances nearly ~10 pips wide between alpari & fxpro.

oanda discloses their historical spreads on their website so one can verify if their limit or stop should have triggered. i don't know about others though

example
ask 1.34712
bid 1.34698
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled picture.png Size: 25 KB
  • #5
  • Dec 1, 2011 12:15pm Dec 1, 2011 12:15pm
Thanks for this. I called f x cm (using their demo account) and spoke to customer service and the guy confirmed the same thing. MT4 prices show bid and since the ask price did not touch my take profit, that's why my tp order was not executed. It was because of the spread at that exact moment.

I checked Oanda's historical spread and compared their prices and it seems that if I had used Oanda, my tp profit order would've been executed and I would have a winning trade.

This was helpful in understanding this, and will help in prevent future unnecessary losses.

Quoting f3y5ngz660
metatrader charts show bid

trader
buys ask <high>
sells bid <low>

retail br0kers execute like this to take the spread regardless if order is a stop or a limit

on an exchage (CME, ecn's) traders can buy at bid and sell at ask by using limit orders

[font=Arial]also retail br0kers may slightly short term fudge pricefeed to trigger or avoid some orders to their own advantage (or maybe it just happens by accident). i noticed occasional...
  • #6
  • Edited 5:09pm Jan 11, 2013 12:57pm | Edited 5:09pm
my ugly story.

i was long and set take profit the price action (bid) overtake by 50-48 point my take profit(ask).

the trade did not close. Then 5 minutes later a big price reversal. then margin call. 60% of equity wipped by marging call.

I was trading over 10 forex cross and 2-6 position by cross. All gone. it tooks me about 36 month to make 200% in balance.


my acount : http://www.myfxbook.com/members/pabx...s-saber/416249
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Anonyme-take Profit.jpg Size: 253 KB
Click to Enlarge Name: Anonyme-margingcall.png Size: 105 KB
  • #7
  • Jan 15, 2013 6:25pm Jan 15, 2013 6:25pm
any ideas ?
  • #8
  • Jan 15, 2013 8:30pm Jan 15, 2013 8:30pm
Quoting pbx06
any ideas ?
Would need to read through your MT4 client logs to verify the problem. The log files will tell us about the TP orders you placed and any errors on your end.

Better question: Have you contacted you broker about this? What did they say?
FXGears.com
  • #9
  • Jan 15, 2013 8:36pm Jan 15, 2013 8:36pm
Quoting Jack_Larkin
Would need to read through your MT4 client logs to verify the problem. The log files will tell us about the TP orders you placed and any errors on your end.

Better question: Have you contacted you broker about this? What did they say?
i was unable to find the trade number in the logs.

brooker not realy giving answering yet.

had a lot of probleme recently trying to close or open a lot of delay in orders ( STP brooker as they state) and trailing stops not cuting orders.
  • #10
  • Jan 15, 2013 8:44pm Jan 15, 2013 8:44pm
Quote
04:43:52 '309383': order was opened : #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 0.000
04:45:04 '309383': modify order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 0.000 -> sl: 0.000 tp: 89.070
04:45:04 '309383': order #38302884 buy 0.03 USDJPYiam at 89.050 was modified -> sl: 0.000 tp: 89.070
04:46:35 '309383': modify order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 89.070 -> sl: 0.000 tp: 89.200
04:46:36 '309383': order #38302884 buy 0.03 USDJPYiam at 89.050 was modified -> sl: 0.000 tp: 89.200
04:47:09 '309383': modify order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 89.200 -> sl: 0.000 tp: 89.194
04:47:09 '309383': order #38302884 buy 0.03 USDJPYiam at 89.050 was modified -> sl: 0.000 tp: 89.194
05:13:33 '309383': modify order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 89.194 -> sl: 0.000 tp: 89.400
05:13:34 '309383': order #38302884 buy 0.03 USDJPYiam at 89.050 was modified -> sl: 0.000 tp: 89.400
19:09:45 '309383': close order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 89.400 at price 0.000
19:09:46 '309383': order #38302884 buy 0.03 USDJPYiam at 89.050 sl: 0.000 tp: 89.400 closed at price 89.075



sorry just found out
  • #11
  • Jan 15, 2013 8:54pm Jan 15, 2013 8:54pm
Quoting pbx06
sorry just found out
Unless you doctored the logs, it appears that your broker is the only one who can answer to the order not executing. Let us know what they say about it, and if they'll reimburse you.

I have zero experience with that broker myself so can't really suggest anything further. :/


Good luck!
FXGears.com
  • #12
  • Jan 15, 2013 8:58pm Jan 15, 2013 8:58pm
Quoting Jack_Larkin
Unless you doctored the logs, it appears that your broker is the only one who can answer to the order not executing. Let us know what they say about it, and if they'll reimburse you.

I have zero experience with that broker myself so can't really suggest anything further. :/


Good luck!
I got a lot of opened order closed not buy me following that sharp reversall on USD/JPY. how do i know if they were really due to the equity drop from that order not closing ?

i had also to close a lot of nice position to restore margin
  • #13
  • Mar 12, 2013 5:56am Mar 12, 2013 5:56am
The reason is - the spread. You have to check ask and bid!
Okay, let's have fun...
  • #14
  • Mar 12, 2013 3:04pm Mar 12, 2013 3:04pm
Dunno why your u/j TP at 89.400 did not close because according to that 5 minute u/j candle the BID price obviously went past your TP price of 89.400, according to chart you posted anyway. You should call your broker immediately or just forget about it.
  • #15
  • Mar 12, 2013 6:34pm Mar 12, 2013 6:34pm
The brokers can tell you 100s of executions, they can tell you that the spread increased at this time, they can tell you that the markets moved too fast at this time and they failed to close your order.

if the broker doesn't has a good reputation, look for another one
  • #16
  • Mar 13, 2013 11:48am Mar 13, 2013 11:48am
Quoting pbx06
my ugly story.

i was long and set take profit the price action (bid) overtake by 50-48 point my take profit(ask).

the trade did not close. Then 5 minutes later a big price reversal. then margin call. 60% of equity wipped by marging call.

I was trading over 10 forex cross and 2-6 position by cross. All gone. it tooks me about 36 month to make 200% in balance.


my acount : http://www.myfxbook.com/members/pabx...s-saber/416249
What did they say when you complained?
  • #17
  • Apr 3, 2013 9:26am Apr 3, 2013 9:26am
Hi All,

I have a fixed spread account with Instaforex.

Took a trade on the EURJPY.(short)
Had my TP level set.
An hour plus went by and here's the thing....candle and price went below my TP level (the dotted red line) BUT my trade was still NOT CLOSED. I am assuming because of spreads (3pips). However, aren't the spread (3pips) imposed upfront when you open buy/sell position?
Am I getting charged upfront and backend of my trades? If I am, then it is ridiculous.

Can someone from Instaforex explain?
Webchat-ted with INSTAFOREX LIVE support but my questions to the above was ignored and the chat session was closed by the support officer - how rude was that.
Emailed customer support but no reply as yet.

I'm beginning to doubt INSTAFOREX.
Anyone had such experience?

Regards,
SS
Attached Image (click to enlarge)
Click to Enlarge Name: tp level hit but no close.png Size: 25 KB
  • #18
  • Apr 3, 2013 2:41pm Apr 3, 2013 2:41pm
Quoting ssahrin
Hi All, I have a fixed spread account with Instaforex. Took a trade on the EURJPY.(short) Had my TP level set. An hour plus went by and here's the thing....candle and price went below my TP level (the dotted red line) BUT my trade was still NOT CLOSED. I am assuming because of spreads (3pips). However, aren't the spread (3pips) imposed upfront when you open buy/sell position? Am I getting charged upfront and backend of my trades? If I am, then it is ridiculous. Can someone from Instaforex explain? Webchat-ted with INSTAFOREX LIVE support but my...
No personal experience with Instaforex. This could be due to their execution speed, server issue or simply they took the opposite side of your trade and didn't want to get a loss as that can happen with MM's with a dealing desk which is what Instaforex is.

Hope you tp'ed by now by closing your trade. That was a good trade. Congrats!!
Make your losses in demo. Earn your profits live.
  • #19
  • Nov 8, 2013 9:04am Nov 8, 2013 9:04am
Hi I just had a similar situation with iamfx broker. My stoploss got filled at 0.99285, even though I placed the order well in advance a day ago.

See screen shot.

red horizontal line is where I got filled

black horizontal line is where my stoploss was..

just below first black horizontal line is where the candle high is. Between the two black lines is 9 pips.

The difference between candle high and where I got filled is 25 pips!!!!! I've raised a ticket for them to give me a good explanation with evidence to support their answer. Iamfx is at risk of reputational damage. These guys are also ECN brokers, how does anyone have any hope in this game if these kind of black market broker tricks are applied!!
Attached Image (click to enlarge)
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  • #20
  • Nov 8, 2013 9:39am Nov 8, 2013 9:39am
Obviously 25 pips (or more) spread during the NFP release. There have been worse fills than that. Shit happens.
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