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THE DUDE
09-14-2009, 09:11 AM
Hi everyone this forum has been very helpful. Please help educate me on buy limit orders. I tried to place a buy limit at 20 pips above the current maket price. I set the S/L at -10 pips and the T/P at +30 pips. It wouldnt let me execute saying "invalid s/l or t/p". I tried altering my sl and tp by 10 pips but it still wouldnt execute it for me. Please help me understand these orders.
Thanks

getpaid2trade.com
09-14-2009, 09:25 AM
Buy Limit Orders are meant to be placed at or below the current market price.

lizerzoltan
09-14-2009, 10:03 AM
or to be correct buy limit is ONLY bellow the current market price, you can place at market price only an instant/market order.
yes, at FXopen you need to be 10 pips away from current price to be able to place it.

i believe what you would looking for is the buy stop oder, that should able you to place a buy order above the current market price.

getpaid2trade.com
09-14-2009, 10:06 AM
Lizerzoltan, by definition a Buy Limit Orders can be placed at market price, as in volatile markets the price can change before the order is executed, but in order to understand the concept more clearly, Buy Limit Orders should be placed below current market price and Buy Stop Orders should be placed above the current market price.

lizerzoltan
09-15-2009, 10:52 PM
by definition orders might even be placed between the spread, but if we dont talk particularly of an ECN account, i believe FXopen still has this somewhat unconvenient '10 pips distance from current price' rule.

anyway, what THE DUDE wanted was answered pretty much with the buy stop i believe ;)

getpaid2trade.com
09-15-2009, 11:22 PM
Yes his question was answered so...

mission accomplished.

ilearn2t
09-15-2009, 11:46 PM
Hi everyone this forum has been very helpful. Please help educate me on buy limit orders. I tried to place a buy limit at 20 pips above the current maket price. I set the S/L at -10 pips and the T/P at +30 pips. It wouldnt let me execute saying "invalid s/l or t/p". I tried altering my sl and tp by 10 pips but it still wouldnt execute it for me. Please help me understand these orders.
Thanks

Hello THE DUDE

Using the STP platform

To place a buy limit order see example below:

GBP/USD current sell price 1.6414

Set your buy limit at 1.6407 (to allow for 3 point spread)


To place a sell limit order see example below:

GBP/USD current sell price 1.6414

Set your sell limit at 1.6424

If its a buy limit after that stage above is complete, open your order window again:

Right click on the order in Terminal, click Modify or Delete Order, click the down button on Stop Loss until the Modify box turns blue (if the order has not moved it will turn blue at 1.6394 10 points below your set price) again repeat until the window opens again and the same rule applies to Take Profit (only this time its the up button). You can try to Set all at once but 10 - 20 point buy or sell limit is to close and it only takes 1 point to send back an "invalid s/l or t/p"

An "invalid s/l or t/p" will also show if only placing a buy or sell limit/stop orders if not done correctly without setting stop loss or and take profit.

All above should be in reverse for sell limit orders.

Setting buy stops is 13 points above current price.
Setting sell stops is 10 points below current price.


Its after midnight here so my maths might be a bit out, so post and let us know how you get on. Also its done on a demo account but can't see that mades any differance.

Good luck.

lizerzoltan
09-16-2009, 12:29 AM
it might be that after midnight? :)

if you read the question carefully, he wanted to place a buy order ABOVE the market price.
thus a buy stop ;) what he confused with buy limit....

ilearn2t
09-16-2009, 04:40 AM
it might be that after midnight? :)

if you read the question carefully, he wanted to place a buy order ABOVE the market price.
thus a buy stop ;) what he confused with buy limit....

Hello lizerzoltan

Don't understand. If the thread starter states they want to be "educate on buy limit orders" because they don't understand while placing it above the current order gives them an "invalid s/l or t/p" maybe they should read my reply above, if you think its wrong for what ever reason you have and it is a buy stop (which would have allowed them to do so) then they can still find the answer in my earlier reply. ;)

DollarBull
09-16-2009, 08:14 AM
Hello lizerzoltan

Don't understand. If the thread starter states they want to be "educate on buy limit orders" because they don't understand while placing it above the current order gives them an "invalid s/l or t/p" maybe they should read my reply above, if you think its wrong for what ever reason you have and it is a buy stop (which would have allowed them to do so) then they can still find the answer in my earlier reply. ;)

Perhaps not directly, but the original question brings up an interesting point.

Say GBP is at 1.6480 and the resistance level is at 1.6500. I want to buy GBP after it breaks through the resistance, at 1.6501. I cannot place a buy order at a price above the current price of 1.6480.

In fact, if you read IFR markets (carry basket trading), they regularly place buy orders that are executed when the price breaks through resistance or sell orders when the price falls below support.

ilearn2t
09-16-2009, 09:25 AM
Perhaps not directly, but the original question brings up an interesting point.

Say GBP is at 1.6480 and the resistance level is at 1.6500. I want to buy GBP after it breaks through the resistance, at 1.6501. I cannot place a buy order at a price above the current price of 1.6480.

In fact, if you read IFR markets (carry basket trading), they regularly place buy orders that are executed when the price breaks through resistance or sell orders when the price falls below support.

Hello DollarBull

Please forgive me, but I've only read the first part of your post.

The thread starter called this thread "Buy Limit Order" the thread starter wanted "education on buy limit orders" I spend over 30 minutes last night finding the answers on all limit and stop orders and how they are placed, while others played point scoring. If you can confirm if the answers are right or wrong without any price movement (already stated in my reply) and on the FXOpen platforms, I sure "newbies" to this forum would be more than happy. :)

(See image)

Thanks in advance

lizerzoltan
09-16-2009, 10:03 AM
hello Paul

I believe you are right, about the topic title :)
there wasnt a question about that.
also that topic starter asked for education help. correct again.
what me bothered to do is read what his problem was in the post, and that was to open a buy order above the market. so, pointed out that it was indeed not the buy limit, but the buy stop order what he want to use.

anyway, maybe talked about to things, and since we both want to help, i think all aspect was answered.
about point scoring: in case you referred for me, than i think you are wrong. ;)

DollarBull
09-16-2009, 11:19 AM
Hello DollarBull

Please forgive me, but I've only read the first part of your post.

The thread starter called this thread "Buy Limit Order" the thread starter wanted "education on buy limit orders" I spend over 30 minutes last night finding the answers on all limit and stop orders and how they are placed, while others played point scoring. If you can confirm if the answers are right or wrong without any price movement (already stated in my reply) and on the FXOpen platforms, I sure "newbies" to this forum would be more than happy. :)

(See image)

Thanks in advance

Most of your explanation is precise, but the "invalid s/l t/p" error can come differently too... for example if the slippage is smaller than what is allowed or smaller than the spread (which is a variable at times) the error will appear. Especially so at transition hours (US/European market open hours) the spread can widen by several pips and if one tries to place an order with normal slippage it could cause that error, as far as I understand.

ilearn2t
09-16-2009, 03:09 PM
hello Paul

I believe you are right, about the topic title :)
there wasnt a question about that.
also that topic starter asked for education help. correct again.
what me bothered to do is read what his problem was in the post, and that was to open a buy order above the market. so, pointed out that it was indeed not the buy limit, but the buy stop order what he want to use.

anyway, maybe talked about to things, and since we both want to help, i think all aspect was answered.
about point scoring: in case you referred for me, than i think you are wrong. ;)

Hello lizerzoltan

I apologize to yourself and getpaid2trade.com for my posting earlier, but at the time it did seem like the question was not being answered. I did have to edit the reply because somethings were wrong. :rolleyes: or sleeply eyes.

Happy trading.

lizerzoltan
09-16-2009, 06:22 PM
nothing happened :)