Looking for advice regarding Take Profit on MT4

[p1p1n]

Ok let me explain,

Trade set up was on a 5M chart for GBP-JPY on 10/01/13 (GMT i guess not sure though)

Time - 0510, i sell with Take Profit @ 172.796. Stop Loss is set @ 172.899


Time - 0515, As per chart the Candle hits LOW of 172.788. But the TAKE PROFIT was NOT executed.

Time - 0528, STOP LOSS is executed.


My question - why did my broker didnt execute my trade of TAKE PROFIT @ 0515 & i would have exited instead of hitting STOP LOSS.

If not, can someone explain more on the candle if am wrong.

Thanks in advance for your time.

 

[RahmanSL]

Perhaps, Bucketshop broker???

Best person to ask is your broker's rep

 

[p1p1n]

I trying to get some solid advice from experienced traders here before i make my ask my broker for an explaination, btw I have another trade improperly executed in the same way but I have made the recording & keeping all snips.

 

[LoRio]

Ok let me explain,

Trade set up was on a 5M chart for GBP-JPY on 10/01/13 (GMT i guess not sure though)

Time - 0510, i sell with Take Profit @ 172.796. Stop Loss is set @ 172.899
View attachment 12839

Time - 0515, As per chart the Candle hits LOW of 172.788. But the TAKE PROFIT was NOT executed.

Time - 0528, STOP LOSS is executed.
View attachment 12840

My question - why did my broker didnt execute my trade of TAKE PROFIT @ 0515 & i would have exited instead of hitting STOP LOSS.

If not, can someone explain more on the candle if am wrong.

Thanks in advance for your time.

The spread was 1.5
Your chart is based on the Bid price.
The closing price for a Sell order is The Ask price

In essence the Ask price got as low as 172.803 so there was no execution.

 

[Rambo35]

The spread was 1.5
Your chart is based on the Bid price.
The closing price for a Sell order is The Ask price

In essence the Ask price got as low as 172.803 so there was no execution.

Exactly, this shows how many newbies do not take the proper time to learn the basics and jump into trading. Then the first response was bucketshop broker.

 

[LoRio]

Exactly, this shows how many newbies do not take the proper time to learn the basics and jump into trading. Then the first response was bucketshop broker.

I believe the most unfair scam label on brokers -excluding some screaming bucket shop-
is the one where they just have no time to pay attention to every little naggers silly accusations.
Meaning , a broker might not take the time to reply even to an FPA resolution invite.
They have no time to state basic principles , principles one should be savvy about before trading.
On the other hand , some brokers encourage the "Get in now" model.

Its a "Devil with boobs" entanglement.

 

[Pharaoh]

The smart broker do appoint representatives to the FPA and other forums to carefully explain situations to newbies who do things like not understanding spread and margin requirements. The stupid brokers either ignore complaints or send some idiot in like an attack dog.

 

[LoRio]

The smart broker do appoint representatives to the FPA and other forums to carefully explain situations to newbies who do things like not understanding spread and margin requirements. The stupid brokers either ignore complaints or send some idiot in like an attack dog.

There are 2 sides to a coin.
Im not going to side with brokers , but i wont side with "traders" either.

If we go deep, the trader is just a human looking for money.Nothing wrong with that.
But deep deep deep deep (deep) down the ... (ran out of words) rabbit hole , brokers allowing
promotional materials and approaches-around the "Rich Quick + Easy" model- slide, then yes this could
be the decider.

"Dude" you 'll say."Its not his fault,the representative called(or even worse found IB's blog)." -he could have hung up/could have investigated.
"Its not his fault ,they were really persuasive." -he could have not deposited.
"Its not his fault ,they told him to get that leverage" -he could have educated himself.
"Its not his fault ,John Kicklighter said Yen rocketing" -he could have educated himself.

This can really go on for ages.so...

Most FPA's traffic (it appears so) ,and im wrong to be pulling assumptions here,comes from people who
found an ad online and care to investigate before participating in the markets.

That is really sad...
Think about it.
They find John Smiths/John Doe(yes a blog with the default template names!) guide to get rich rapidly.
They google to find more info about others who BECAME MILLIONAIRES OVERNIGHT with John Smiths system.
They stumble upon negative reviews , and bad ratings on FPA
And they still do it!
They ignore all the red , and they focus on the only green , which is John smiths positive aura.!

If they dont ignore negative reviews , they will sign up for a broker , deposit , get wasted
and then complain -which if you really think about it , its justified , cause all they know about the
markets is :Warren Buffet , John Smith , MetaTrader , Overnight , Easy ,Millions , EURUSD (and lately BitCoin)

 

[Pharaoh]

I'll admit that some of the people complaining are clueless newbies who dumped in money without any thought or research and managed to blow out their own accounts through bad risk management. Even so, if a broker accepts traders like that, the broker should be willing to try to slowly and carefully explain exactly what happened.

The brokers that do this show that they at least care about the company's reputation and are willing to try to educate these people so they don't make the same mistake with another account later.

 

[p1p1n]

lesson learned but mistake corrected now as I take into account the spread+ when setting my take profit targets.

But here on FPA i get fast responses so it helps a yard.