FXOpen buy stop executed without price touch the assigned amount

[ram007]

MT4 BUY STOP with the following details from MT4 journal:

2015.08.05 20:00:02.170 '880169': pending order #48881660 buy stop 0.96 EURUSD was modified -> price: 1.09328 sl: 0.00000 tp: 0.00000
2015.08.05 20:24:17.260 '880169': order #48881660 buy stop 0.96 EURUSD at 1.09328 activated at price 1.09316

From the above details, the BUY STOP should been have executed if and only if the tick price reaches 1.09328

However, after checking TICK LOG (all ticks data downloaded from FXOpen, with details below) the maximum price in that minute was only 1.09327 and this has been confirmed by their support staff Martins (who has been very helpful all along).
Another interesting point is that the MT4 EURUSD.ask symbol highest price in that minute was 1.09337 (which is 10 points above the highest price in TICK log).

After making a few inquiries, I received this conclusion message from FXOpen:

>We have checked your Stop order execution as well as quoting provided by our Liquidity Providers (LP).
>
>Price was valid and order was executed properly by the terms of ECN/STP trading model.
>
>
>
>Quotes that you have downloaded indicate best ask and bid prices. By looking into Level2 quotes
>received from our LPs we see that such price existed and was valid at the moment when order was >executed.
>
>
>Please contact your account manager for further explanation.

I would like to stand by the FXOpen TICK data, but in this case the tick data seems to be inadequte. I am very much inclined to think that if my buy stop order did not match the quote then it should not be checking the level2 quotes. The system should not be doing anything. (If my understanding is incorrect, I must apologize as I am still a learner, and I feel that FXOpen's reply could be helpful for others as well)

I would like to invite Support staff from FXOpen to please come and give clarification for this.


Tick data log:
2015.08.06 00:24:15.079 1.09241 500000 1.09248 220000
2015.08.06 00:24:15.252 1.09252 1000000 1.09251 1000000
2015.08.06 00:24:15.413 1.09268 1000000 1.09258 1902000
2015.08.06 00:24:15.638 1.09318 2400000 1.09308 500000
2015.08.06 00:24:15.909 1.0932 250000 1.09327 1500000
2015.08.06 00:24:16.119 1.09305 100000 1.09312 219000
2015.08.06 00:24:16.318 1.09291 100000 1.09294 2100000
2015.08.06 00:24:16.529 1.09276 2000000 1.09292 719000
2015.08.06 00:24:16.712 1.09273 100000 1.09281 500000
2015.08.06 00:24:16.868 1.09267 2000000 1.09281 500000
2015.08.06 00:24:17.019 1.09268 2395000 1.09282 2090000


Here part of the screen shot from MT4 EURUSD.ask:

 

[Kerobokan]

FX Open are massive scammers with the most fixed trading platform you will ever see in Forex,cut your losses now and find a decent broker instead!

 

[RahmanSL]

Stay away from ICMarkets too because if you have issues with them they will call you a liar and rubbish your complaints...and they have inexperience Support Staff to attend to your issues.

Hello IrsihMist a.k.n @Kerobokan

 

[Pharaoh]

Invite FxOpen to come and join the discussion.

 

[ram007]

I have sent an email with the URL link to this message to Martins (my account manager) and support @FXOpen mentioning that I disagree with their reply and asking them to kindly send further follow-ups via this forum. I certainly hope that they will give clarification on this matter soon.

 

[ram007]

After checking TICK data log again and again to make sure I am not just dreaming, the ASK price never did hit the BUY STOP price, it missed by 0.00001. This means that the BUY STOP should have never executed the BUY.

FXOpen mentioned that the execution was done according to ECN/STP system. However, since other brokers mention that the BUY STOP should not have been executed, would this imply that FXOpen ECN/STP system is different from others' ECN/STP system?

I have confirmed the fact that the BUY should NOT have been executed from the BUY STOP as per these two brokers' systems. One is Dukascopy and one is Pepperstone.

Here is a reply from Dukascopy:
Ram,

The order trigger event looks in all cases only at the best rate / first level

Example:
You place BUY stop to BUY EURUSD at 1.12400 with trigger on ASK rate (current ASK rate 1.12335)

The execution will be released when market quote for ASK price is 1.12400 or higher
In the situation where we may have the ASK price at 1.12399 but also revceive quotes at 1.12400 and 1.12402 will NOT trigger the order.

Kind regards
Narc
Support Team

Here is a reply from Pepperstone:
Dear Ram,

Thank you for contacting Pepperstone. The Buy Stop is executed at incoming market prices. It does not look at level 2 quotes.


Kind Regards,
Nash
Pepperstone Support

 

[Alonedevils]

2015.08.05 20:00:02.170 '880169': pending order #48881660 buy stop 0.96 EURUSD was modified ->price: 1.09328 sl: 0.00000 tp: 0.00000

2015.08.05 20:24:17.260 '880169': order #48881660 buy stop 0.96 EURUSD at 1.09328 activated at price 1.09316

Hmm .. That Was Strange ..

 

[fxfrench]

Hi there.
I was invited to chip in to this conversation by the OP. I can only speak for FXOpen AU and how we work.

It is possible for you to be filled at a price that isn't on the chart on an ECN.

The price shown on the chart is the best available price, but it isn't necessarily the price you will get.
We have prices coming in from many different liquidity providers and we fill on a first in first served basis. You will sometimes get your order filled or partially filled at different prices from different liquidity sources with the price shown in your platform being an sort of averaged price. This will appear as slippage and can be both for and against you. I have checked this for clients before and when you look at the bigger picture, you often find that you are slipped in your favour more often than against. I guess the against fills stand out more?

If you want guaranteed fills, trade with a market maker who may choose to keep you in the in house bucket. If you want to trade in a real exchange environment with real counterparties to your trades, trade with FXOpen ECN and take the good fills with the bad. It's just how any market works.

 

[ram007]

Hello Jafar,

Thank you for attempting to clarify the doubt.
A) If you would have read my issue properly you could have understood that I was not referring to the problem with the fill price.

>>From my first message above:
From the above details, the BUY STOP should been have executed if and only if the tick price reaches 1.09328

However, after checking TICK LOG (all ticks data downloaded from FXOpen, with details below) the maximum price in that minute was only 1.09327 and this has been confirmed by their support staff Martins (who has been very helpful all along).
Another interesting point is that the MT4 EURUSD.ask symbol highest price in that minute was 1.09337(which is 10 points above the highest price in TICK log).

B) In the private message which invited you to participate in this conversation I mentioned 2 points and neither of these 2 points referred to the fill price problem.
>>From my private message invitation
1) I did set up BUY STOP at 1.09328 and the BUY got executed. However, after checking TICKs log (downloaded from FXOpen server), the highest ASK price was only 1.09327. Does the BUY STOP executing a BUY by looking at level2 quote as well?

2) Why is the MT4 ASK chart showing price 10 points higher than in the highest TICKs log?

So let me confirm again, I have no problem with the filled price.


Please help answer these 2 questions:
1) Why did the BUY STOP get executed when the TICK PRICE from the TICKs log did not touch the BUY STOP price?

2) Why is there a price difference between the TICKs log highest price and MT4 ask chart highest price above.

Thank you for your clarification in advance.

 

[fxfrench]

Hello Jafar,

Thank you for attempting to clarify the doubt.
A) If you would have read my issue properly you could have understood that I was not referring to the problem with the fill price.

>>From my first message above:
From the above details, the BUY STOP should been have executed if and only if the tick price reaches 1.09328

However, after checking TICK LOG (all ticks data downloaded from FXOpen, with details below) the maximum price in that minute was only 1.09327 and this has been confirmed by their support staff Martins (who has been very helpful all along).
Another interesting point is that the MT4 EURUSD.ask symbol highest price in that minute was 1.09337(which is 10 points above the highest price in TICK log).

B) In the private message which invited you to participate in this conversation I mentioned 2 points and neither of these 2 points referred to the fill price problem.
>>From my private message invitation
1) I did set up BUY STOP at 1.09328 and the BUY got executed. However, after checking TICKs log (downloaded from FXOpen server), the highest ASK price was only 1.09327. Does the BUY STOP executing a BUY by looking at level2 quote as well?

2) Why is the MT4 ASK chart showing price 10 points higher than in the highest TICKs log?

So let me confirm again, I have no problem with the filled price.


Please help answer these 2 questions:
1) Why did the BUY STOP get executed when the TICK PRICE from the TICKs log did not touch the BUY STOP price?

2) Why is there a price difference between the TICKs log highest price and MT4 ask chart highest price above.

Thank you for your clarification in advance.

Hi Ram

Like I said, it all depends on the liquidity. The price you see in MT4 isn't necessarily the price you get. It is like that with any legitimate ECN. It applies to stops as well since they also appear as an order on the market.