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What happened with the EURCAD this morning?
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Created: by sasnak Attachments:5

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What happened with the EURCAD this morning?

  #1 (permalink)
Elite Member
Ventura, California
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: ES
 
Posts: 12 since Jul 2011
Thanks: 26 given, 3 received

What happened with the EURCAD this morning?

Hello all,

I'm sim trading Forex with MB Trading using NT charts. Please refer to the attached images as I describe what occurred.

Price action is normal until 8:21 Pacific Time.

Then suddenly, price starts chopping up and down in a defined channel (Image 1).

The price of the upper channel is consistently 1.24260, so I enter a buy stop at 1.24272 to catch a breakout.
To my dismay, my buy stop order is executed at 1.24272, but price never traded higher than 1.24260! The trade is noted on the chart with the price arrow above the bar! (Image 2).

Trade #7 on the Trade Log lists the trade (Image 3).

So I go to work and I come back home at 13:30 to check this out again...

The chart is now rewritten without all the chop!!! The chop that started at 8:21 Pacific time (see arrow)is gone!!! As if it never occurred!!!! (Images 4 and 5)

And the price that my "phantom" trade was executed at (1.24272) is not even reached on this new chart!!!

Has this happened to any of you before?

Can someone please shed some light onto this?

Thanks

Attached Thumbnails
What happened with the EURCAD this morning?-image-1-eurcad-8.30.12-chart-ending-approx.-8.48-pacific-time.jpg   What happened with the EURCAD this morning?-image-2-phantom-buy-1.24272-eurcad-8.24-pacific-ttime.jpg   What happened with the EURCAD this morning?-image-3-trade-log-refer-trade-7.jpg   What happened with the EURCAD this morning?-image-4-eurcad-chart-8.30.12-13.47-pacific-time.jpg   What happened with the EURCAD this morning?-image-5-eurcad-chart-rewritten-8.21-pacific-time.jpg  
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  #2 (permalink)
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  #3 (permalink)
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A case of outer limits


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  #4 (permalink)
Elite Member
Ventura, California
 
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Posts: 12 since Jul 2011
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TIYF, can you please clarify what you mean?

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  #5 (permalink)
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sasnak View Post
Has this happened to any of you before?

Can someone please shed some light onto this?

Thanks


MB Trading has frequent issues with it's servers and data feeds. If you look at their thread over in Forexfactory.com you will see the frequent compliants are server outages and that data is corrupted often for no reason. They ninja correct it afterwards so if you had not a taken a screenshot at the time you would have no proof.

I did have an issue with a market order getting executed at a price that was never touched. I placed a market buy order and execution was 38 pips away from the actual price. I logged a support compliant and the agent on the phone agreed that execution was strange because even on his data feed he could not see that price. It still took about six weeks and multiple emails & angry phone calls before they agreed it was their mistake and refunded me.

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  #6 (permalink)
Elite Member
Ventura, California
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: ES
 
Posts: 12 since Jul 2011
Thanks: 26 given, 3 received

Thanks Traderji for the info.

I figured MB Trading would be a better way to go with Forex since it is an ECN (EXN) and regulated by the NFA as opposed to Oanda and the deal-desk model, but if their data is often corrupted and their servers aren't reliable then what is the point?

What broker do you use or would recommend?

I was thinking about checking out the Alari-US Direct Pro Platform since it is powered by Currenex Viking and they are NFA regulated.

Thanks.

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  #7 (permalink)
Elite Member
Australia
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received


sasnak View Post
Thanks Traderji for the info.

I figured MB Trading would be a better way to go with Forex since it is an ECN (EXN) and regulated by the NFA as opposed to Oanda and the deal-desk model, but if their data is often corrupted and their servers aren't reliable then what is the point?

What broker do you use or would recommend?

I was thinking about checking out the Alari-US Direct Pro Platform since it is powered by Currenex Viking and they are NFA regulated.

Thanks.


I think MB Trading falsely advertises the EXN part. EXN - Electronic Exchange Network implies that MBT simply matches buyers and sellers at the agreed price. When in fact the order does not execute with MBT but rather it is sent out. For example if you place a market buy order MBT will send you order to their liquidity provider with the best ask price for execution. In the time it takes for this to happen the price might move or the LP is no longer offering the best quote or the LP has a different price altogether. As you can imagine the potential for slippage is huge.

Have a look at Interactive Brokers or LMAX. I have not had any issues with slippage or spreads with either of these.

Also have a look at

FX Intelligence Analyzer: Compare live spreads and quotes from multiple brokers

to see comparison of live spreads. There are plenty of brokers on that site to compare. Good luck.

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  #8 (permalink)
Elite Member
Ventura, California
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: ES
 
Posts: 12 since Jul 2011
Thanks: 26 given, 3 received

Forget MB Trading.

Their EXN process is very misleading as they don't explain what you have explained to me.

I will check out your broker recommendations and the FX Intelligence Analyzer.

Thank you for your time and knowledge, I really appreciate it.

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