My buy order got hit at 2:03 am. Then at 3:31 am, when the price had gained the 67 pips needed for a risk-free trade, OANDA canceled the sell order! I have now figured out why. When I set those orders to close 1/2 the position, I always set them with a stop-loss since OANDA doesn't have order-cancel-order functionality. This way I don't need to worry about getting stopped out of the main position and then getting the other order hit during wild swings. This time, however I put the stop too close to the sell price, and OANDA's system canceled the order. I shall need to be more careful placing that stop next time, making sure that it isn't inside the spread.
Now I'm in long, and profitable, but price has fallen back from where the order in question was. I've gone ahead and placed it again.
Pending order(3): Short 3521 AUD/USD at 0.6814
Current closed equity: $314.54
Current position: Long 7042 AUD/USD at 0.6747
Current exposure: 67 pips, $47.18 or 15.00%
Thursday, November 6, 2008
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