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I set take profit at 1.10604, but outcome is 1.10597

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Chi Yan Leung
563
Chi Yan Leung 2015.10.28 13:34 

I long a EURUSD at 1.0375 and set take profit at 1.10604.

At last, the order is filled. But the price is 1.10597.

As I know, take profit is limit order, the order only fill when "sell" price is equal to 1.10604. Why the outcome price is 1.10597?

My broker's answer is not make sense,

 

" Take profit on position XXXXXX was triggered when the Bid price reached 1.10604, however, since it could not be filled at the order level, it was executed at the next best available price." 

 

Take profit is not a pending order, it should not be "trigger" then place the order.

Am I correct? 

Tan Phan Ngoc
1332
Tan Phan Ngoc 2015.10.28 13:53  
Due to gap when high volatility market.
Michele Lazzarini
467
Michele Lazzarini 2015.10.28 14:09  
Chi Yan Leung:

" Take profit on position XXXXXX was triggered when the Bid price reached 1.10604, however, since it could not be filled at the order level, it was executed at the next best available price." 

Price is moving and as for opening, closure of an order is not immediate, but have to be executed by the broker.

In this delay the price move, and so the closure price will be different.

Alain Verleyen
Moderator
30734
Alain Verleyen 2015.10.28 14:30  
Chi Yan Leung:

I long a EURUSD at 1.0375 and set take profit at 1.10604.

At last, the order is filled. But the price is 1.10597.

As I know, take profit is limit order, the order only fill when "sell" price is equal to 1.10604. Why the outcome price is 1.10597?

My broker's answer is not make sense,

 

" Take profit on position XXXXXX was triggered when the Bid price reached 1.10604, however, since it could not be filled at the order level, it was executed at the next best available price." 

 

Take profit is not a pending order, it should not be "trigger" then place the order.

Am I correct? 

You are contradicting yourself, a TP is not a limit order. If you want a limit order use a pending order not a takeprofit.

Your broker answer is perfectly understandable.

Chi Yan Leung
563
Chi Yan Leung 2015.10.28 15:57  

May be I used a wrong wording.

My understanding: 

Take profit - limit order, which is the market price achieve the set price, fill directly.

Stop loss  - Stop order, when the market price reach the set price, the order will be triggered, and place at market price.

 I know stop order will involve some time delay after trigger, the price most likely will be worse than set price.

 But, the limit order, it is filled by the market, I don't understand why is not closure at the set price. 

Alain Verleyen
Moderator
30734
Alain Verleyen 2015.10.28 17:54  
Chi Yan Leung:

May be I used a wrong wording.

My understanding: 

Take profit - limit order, which is the market price achieve the set price, fill directly.

Stop loss  - Stop order, when the market price reach the set price, the order will be triggered, and place at market price.

 I know stop order will involve some time delay after trigger, the price most likely will be worse than set price.

 But, the limit order, it is filled by the market, I don't understand why is not closure at the set price. 

Already answered. Because it's NOT a limit order.
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