Oanda Wtf!!

Ok, I admit I am a big newb so maybe this happens all the time but I swear to pete if this had been a stoploss then you can bet your sweet granny's teeth this order would have been filled!!! See image, just before the big AUD news tonight. I was not in front of my computer so I had a limit order set... as you can see I was a little pissed off to come back and find this!!!

http://img131.imageshack.us/img131/1...awtfaudmr7.png

OK...now befor you get completly unhinged what was your limit order set at?

My order was to buy @ .7524 and as you can see the price went 2 pips lower down to .7522 on a 5 minute candle. Also this was 5 minutes before the news broke.

No the low was .7523 Which means it missed your buy 1 pip

That is what I assumed at first but look at this image it did hit .7522

http://img119.imageshack.us/img119/5...audzoomcr8.png

http://www.picfury.com/1h/audusd-1-th.JPG

with the spread being 2 pip and the price being .7523 your order was missed by 1 pip......so close
This has happened to all of us at one time or another and will happen again, don't sweat it there are plenty more good entries comming. and by the way you had the right idea on your order and placement, good job, you'll get it next time

you can't place the line at the bottom of the candle tail with any accuracy use the min max and or place the cursor on tje candle and look in the little window on the bottom left.

sometimes it is on the top right, depends on the area of the chart the cursor is in.

Right but as I am showing in the previous image it looks like it hit .7522 ? I know I am crying over spilt milk here and I have since cooled off :-)

It's just been a rough week for me PIP-wise and this would have really helped. Thank you for the replies and the support though!

Perhaps they didnt feel you deserved to get the limit when all of us traders were having to pay 15 pip spread on the report? They dont want people outsmarting them. That is pretty pathetic.

Spread may have had something to do with the price quotes.. though I really don't know much.

Like I said we all miss an ordre by 1 pip every now and then......

Oh and buy the way....if you had an open position it waould have been stopped out because the sell price was .7522....remember the 2 pip spread, familliarize yourself with how this works on your trade.

Stockjay the spreads did not widen in tha time frame of the missed trade.....whoops I stand corrected they did jump to 15, it was a volitile news event. I checked the recent spreads on Oandas' site.

derabuf........ what time zone are you in?

CDT

OK....PDT here , Oregon. I was tryin to figure out the diff in chart time. also you were aware of the news event at that time right?

Yes, when I placed the limit order I was leaving work and knew there was a good chance I wouldn't be able to be at a computer when the news hit. (probably should just leave those alone right ) So usually what I do in those situations because Oanda doesn't have the OCO orders I try to educatingly guess one way or another. (I find the saddle method just ends up losing me twice as much) At the time I place the limit order the Stochs were high so I figured it would come down a bit before going back up. Of course I had a S/L set with the order incase I was completely wrong :-)

Hey ..... you had the right idea just slightly missed it is all....also if there is news comming that has the posibility of increased volitility you really need to be there at the keyboard.......

Hang in there you apperantly have a better grip on the situation than about 80% of the traders out there.

1 last hing .... don't try to get revenge, the market will always be there and it will show you some high probability setups

I'm using North Finance and the lowest was 0.7524 at that point. But the ask bid was 0.7528. It's 4-pip spread. If I buy limit at 0.7524, I missed it by 4 pips. Because the lowest bid was 0.7528. It never went down to 0.7524.

Oanda is nomaly 2 pip spread on AUD/USD, but it did widen 15 pi for about 10 minutes just befor the news.

I had similar experience more than once with OANDA in this type of situation, I wrote to OANDA for an explanation and this was their reply

I note that the screenshot you submitted shows an OHLC graph. This graph plots the midpoint of the rate, rather than the bid/ask: thus, your Stop Loss would have triggered half a spread off of the rate shown by the OHLC graph. Additional information on the OHLC graph is available here:

http://fxtrade.oanda.com/help/exchange_graphs.shtml#HLC


When I went back to check the MIN/MAX graph, I found what they mentioned was true,

I had an even more ridiculous experience, I placed a limit order on one friday and when the market closed, OANDA spread jumped from the normal 2-3 PIPs spread to 10-20 and my order was filled after they widen the spread, luckily the market moved in my favour after it reopen on monday.

Oanda has a feature known as 'bounds' that affects a limit buy/sell trade. I was bit by this once in a similar fashion as described in thjs thread. I have since set the default bounds to 3 and have not had this problem again.

http://fxtrade.oanda.com/fxtrade/fxt...ulations.shtml
Limit Orders

A limit order specifies that the order should be executed when the exchange rate of the specified currency pair crosses a specified threshold. A limit order is maintained in the system for the duration specified, up to 1 month.
The OANDA FXTrade servers continuously monitor the set of open limit orders and the current exchange rates to determine when an order should be executed. A limit order will be executed within seconds of when the exchange rate crosses the target threshold. However, it is important to note that the exchange rate used for executing the limit order is the most current exchange rate at the time the order is executed and not necessarily the threshold specified in the order. Thus, the rate applied for the execution of the order may be either higher or lower than the specified threshold by a small amount because of the continuously changing exchange rates. Again, upper and lower bounds can be set to limit the risks.

Limiting limit order risks by specifying lower and upper bounds

A trader can limit his or her risks by setting the optional lower and upper bounds fields in the Buy/Sell Limit Order window. An order will then be executed only (i) if the exchange rate to be applied is equal to or higher than the lower bound (if specified) and (ii) if the exchange rate to be applied is equal to or lower than the upper bound (if specified). Thus, for example, if the current rate is 1.660 when a limit order for 1.640 is submitted, and the trader want to ensure that a trade is executed with a rate equal to or lower than 1.640, then the trader can set the upper bound to 1.640.
If, at the time a limit order is executed, the most current exchange rate at the OANDA servers lies outside the interval specified by the lower and upper bounds, then the limit order will be rejected and the limit order is erased from the system.

So it's a safety feature? If the something goes astray and the price jumps then the bounds are there to stop the trade going live?