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Order matched but price not hit

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Hi, i placed a buy stop order on GBP/CHF on tuesday June 23rd at 10pm UK time, in the morning i noticed that my order had been taken and subsequently stopped out. Having looked further, i noticed that my order was taken at 11844.2 as i specified, but the highest price on the charts during the relevant period was 11842.5.

How come my order was taken even though the price never actually hit the specified price?

Thanks

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4 minutes ago, dukeofvenice said:

Hi, i placed a buy stop order on GBP/CHF on tuesday June 23rd at 10pm UK time, in the morning i noticed that my order had been taken and subsequently stopped out. Having looked further, i noticed that my order was taken at 11844.2 as i specified, but the highest price on the charts during the relevant period was 11842.5.

How come my order was taken even though the price never actually hit the specified price?

Thanks

Hi, it might be that the price setting on your chart is set to Mid but for a buy entry you need to check the Ask price and for a sell entry you need to check the Bid price.

Right click on the chart and select Price and toggle back and forth between Bid and Ask.

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Posted (edited)

This happens because orders are filled on Buy and Sell Bids, not the midprice or what the cash market calls Last Price.

So if you place an order to Buy it will be filled at an Offer or Sell bid. This will be the higher of the two quotes you normally see. The difference between the Buy and Sell bids is the spread and this can vary during the session, particularly in the overnight session. It can get several points wide making it more likely that your order will be triggered.

I suspect you are not looking at the right chart. You can look at a Sell price chart, a buy price chart or a mid-price chart. If you look at all three you will find that one of them shows that the order price was actually hit because it operates on bid.

I hope this helps.

Edited by micoltrading
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Great thanks very much for the replies, yes the chart was set to mid price and when i change it to the ask price it all makes sense.

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