FXOpen buy stop executed without price touch the assigned amount

ram007

Private
Messages
24
Jafar wrote:
>It applies to stops as well since they also appear as an order on the market.

I have checked with other brokers and this is definitely not the case. The normal quote ASK price never did touch the BUY STOP price on the normal quote. After checking with 2 brokers, both have given the same answer which imply that STOP order does not check level2 quotes, it only check normal quote as I have pasted the reply from Dukascopy and Pepperstone above and I am pasting again below.

From you answer I am inclined to think that FXOpen ECN system does not behave in the same way as other brokers'. I am also starting to believe that FXOpen ECN system is not behaving in a fair and transparent manner in accordance with the GENERAL ECN model.

You have given your answer for only #1 above. Question #2 is still unanswered.

Here is the answer from Dukascopy, I am pasting again:
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.
 

RahmanSL

Major
Messages
2,536
I have exactly the same problem with another of my trading account with ICMarkets a.k.a I-See-Bucketshop back in Sept 2014 which their "unrivaled" BUT (as admitted by their Head of Dealing Desk Angus Walker) inexperienced support staff failed to justify why, as I emailed back to them on their "bid" & "ask" explanation:
"Honestly, I find it difficult to accept your explanation because two pending orders on my other account (see attachment screenshot) set at levels 37.16416 & 37.18966 both set on 29/Aug/2014 were not triggered and were manually closed out by me on 1/Sept/2014. So, this can only mean the USD/RUB never went up to the levels that you mentioned."

....and I-See-Bucketshop super-duper Support staff never got back to me as they said they would to offer a more logical explanation.
 

ram007

Private
Messages
24
RahmanSL, thank you for sharing your support and your situation. Yes, I am glad that you could understand my point clearly from your situation. I always try to simplify my question as much as possible to avoid confusion.

I am considering taking this issue to CySec, not just for myself but for CySec to clarify this issue. It does not matter if FXOpen is right or wrong for this case, the regulation should be able to precisely point of what is considered ECN/STP model especially on the pending order execution method.

Wow, are you still fighting your case which started in 2014?
 

fxfrench

FXOpen AU Representative
Messages
392
Jafar wrote:
>It applies to stops as well since they also appear as an order on the market.

I have checked with other brokers and this is definitely not the case. The normal quote ASK price never did touch the BUY STOP price on the normal quote. After checking with 2 brokers, both have given the same answer which imply that STOP order does not check level2 quotes, it only check normal quote as I have pasted the reply from Dukascopy and Pepperstone above and I am pasting again below.

From you answer I am inclined to think that FXOpen ECN system does not behave in the same way as other brokers'. I am also starting to believe that FXOpen ECN system is not behaving in a fair and transparent manner in accordance with the GENERAL ECN model.

You have given your answer for only #1 above. Question #2 is still unanswered.

Here is the answer from Dukascopy, I am pasting again:
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.

I can't speak for other brokers, but the FXOpen ECN technology works on an open exchange basis. Your orders become a part of the available pool of liquidity and any other trader, liquidity provider or other counterparty can fill you. This is very fair and open. You know that your order is filled legitimately, and not placed in the B-Book like bucketshops may do.
I suggest you go through all of your orders rather than concentrating on just one. You may find that more orders are filled in your favour than not when you look at it overall.
 

ram007

Private
Messages
24
Jafar, again, thanks for your answer. However, your answer is again not addressing my 2 questions.

I am not referring to the filled price and I am mentioning this again and again. I am referring to just 2 points.

1) The FXOpen system executed BUY STOP without TICK LOG ASK price touching the specified BUY STOP PRICE. I have confirmed this with other 2 brokers and both brokers have confirmed that it would not have been executed on their system. Why did BUY STOP execute a BUY on FXOpen server in this case?

2) Why is there a price difference between FXOpen's TICK log and MT4 Ask price? The difference in this case has been 10 points (on the 5-digit after decimal system).

I am not sure why you are not addressing these questions clearly and always trying to refer to fill price. I have mentioned EXPLICITLY that fill price is not the issue here.

If any other member thinks that I am not explaining the issue to Jafar please let me know. I will rewrite my question. However, others here think that my questions are clear then perhaps Jafar, you should get in touch with my account manager Martins as he understood the question clearly, this might help.
 

yopepe

Private
Messages
48
I can't speak for other brokers, but the FXOpen ECN technology works on an open exchange basis. Your orders become a part of the available pool of liquidity and any other trader, liquidity provider or other counterparty can fill you. This is very fair and open. You know that your order is filled legitimately, and not placed in the B-Book like bucketshops may do.
I suggest you go through all of your orders rather than concentrating on just one. You may find that more orders are filled in your favour than not when you look at it overall.

ECN model? you know what an ECN, the order appears, but never executed, that is an ECN model? you know what you write? know something called ARCA, BATS, that's an ECN model is ......... not write what you do not understand
 

fxo

FxOpen.com Representative
Messages
16
ECN model? you know what an ECN, the order appears, but never executed, that is an ECN model? you know what you write? know something called ARCA, BATS, that's an ECN model is ......... not write what you do not understand

Hi yopepe,

We have already answered you in another thread.
We would like to help you solving the situation you faced, but we are unable to unless you provide us with your account number.

Best regards,
FXOpen
 

mad071071071

Recruit
Messages
9
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:
View attachment 20635

SOMETHING NOT RIGHT WITH THIS FXOPEN
 
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