Oanda Limit Orders?

Guys,

This may seem a stupid question but I can't seem to work out how to place a limit order on Oanda.

For example, say the EUR is currently at 1.2713 and I wish to place the following order: Buy EUR @ 1.2730, limit 1.2740.

So just that I am clear, I don't want to buy the EUR until it trades at a min of 1.2730, but I don't want to enter any higher than 1.2740.

On the Oanda 'limit order' screen, they have Lower Bound and Upper Bound. I have read their instructions on use to use them, but it don't make much sense to me. I'm sure it is something very simple, but it is really bugging me. Any assistance would be appreciated. Thanks.

The "Lower Bound" is the lowest you are willing to buy/sell at. The "Upper Bound" is the highest you are willing to buy/sell at.

These upper and lower bounds basically allow you to specify a range you are willing to buy/sell in case the price moves after it touches your limit price. For example, if you want to buy as 1.2730, you could specify an upper bound of 1.2740 and a lower bound of 1.2720.

If the price touches 1.2730 then your limit order is triggered. However, you may not be the only person buying at that price. Orders could get filled ahead of you which may cause the price to move. Let's say it moves to 1.2731. Since that is below your upper bound, you would get filled at 1.2731.

If you don't want to use them you can uncheck those boxes. You will get filled at your limit price or not at all.

BTW a lower bound may seem silly for a limit buy order but I suppose it's there in case the prices drops considerably. I mean if it dropped 200 pips at the moment your limit order was triggered maybe you don't want to buy anymore.

mdhorton,

Thanks for the quick reply. After I read it, I thought I was still missing something, then the penny dropped. Having another look at the limit order box, I NOW realise that the 'quote' price can be adjusted. I just assumed that it was showing the current market price. NOW I realise that is where you adjust your entry price and then you use the upper and lower bounds. Just call me Forrest Gump! Thanks for the uppercut to get my brain into gear. Cheers.