08/14 4:30 Est

A

allan0

Hello,

Could you please let me know what was the maximum bid/ask average for GBPUSD on your platform at 4:30 EST [5sec to 1 minute charts, doesn't matter]. My "market maker" shows max 1.8901 while on dailyfx charts I see only 1.8894 They also had ***15*** pips spread at that moment, which just makes sense, you can't arbitrage them !

Thank you.
 
Let me take a wild guess... you've been with Oanda, what, a few weeks? Well, that's no sin.

4:30 am ET happens to be when UK PPI figures were released today. The widened spread on cable would be something routine, to be expected on that platform at that time.

Second, 1.8901 is not the "maximum bid/ask average". It's the maximum ASK. Subtract 7.5 pips (half the prevailing spread) and what do you get?
 
Quote from sim03:

Let me take a wild guess... you've been with Oanda, what, a few weeks? Well, that's no sin.

4:30 am ET happens to be when UK PPI figures were released today. The widened spread on cable would be something routine, to be expected on that platform at that time.

Second, 1.8901 is not the "maximum bid/ask average". It's the maximum ASK. Subtract 7.5 pips (half the prevailing spread) and what do you get?
More...

how do you know what i plot on my charts ? I can plot the bid, the ask, or the average. And I do plot the average, and THAT AVERAGE went up to 1.8901, i.e. the high of the candlestick.

I just want to know whether this was the case on other platforms. Don't include the spreads.
 
Sim, Hotspot high at 4:30 1.8890, Currenex 4:31 1.8890, and Gain 4:30 1.8894. The OANDA number is higher just like the Gain number because of the heavy retail action. Oh by the way the spread on the currenex and hotspot were 1 pip, but you will generally take at least 9 pip slippage trading news.
 
TradeViper, thank you.

And so the days of the much acclaimed Oanda-the-honest-market-maker are gone. To start with, what other broker had 15 pip spread for .... UK PPI, for pete's sake. But as if that weren't enough, they figured they could move the price all over the place 'cause whatcha gonna do, you can't even arbitrage them because of the huge spread. And you didn't see the NZDUSD spread of TWENTY FIVE pips before NZ Retail Sales, this past Sunday afternoon ! I mean, I understand the basic concept that they need to protect themselves around news time, but now they have RIDICULOUS spreads AND seem to MANIPULATE prices under the protection of the same huge spread. Way to go, Oanda.
 
Allan, take a deep breath. Oanda is honest, they will tell you straight up how they operate, they don't like 2 second scalpers and during news the spread is artificially widened. Now the scalper reason is because scalpers take advantage of some bugaboo in the matching engine.

Also as far as the news is concerned, I might be wrong but I think they guarantee fills on stops and limits, and if this is the case, they have to protect themselves during high volume. If you traded on a Pro platform like CurreneX or Hotspot there are no guarantees, so 9 pips of slippage is a good fill.

Think of it this way, lets say it was as simple as putting in a guaranteed buy and sell bracket during news, well then everybody would make LOTS of money, it would be a no lose situation, but this would eventually distort prices and cause all sorts of havoc in the market.

So, get a strategy that you can trade after the news comes out, learn to trade when there is no news. The oanda platform lets you bracket trades, with preset take profits and stop losses, so its pretty good, and so is the spread. There is another company that will almost guarantee fills for retail clients, and they have a platform coming out that will be more advanced than any other on the market, but notice, they are coming out in the future, so really oanda is not all that bad.

You have to accept the limitations.

The ever venomous VIPER
 
TV, my main complaint is not about the increased spreads, even though these days they seem extreme. Also, slippage is very much part of the game, that's why you can set bounds on limit orders, otherwise they're meaningless. But my problem is that, *on top of that*, they moved the price 7-10 pips away from currenex and all others, under the protection of a 15 pip spread.

Can you tell me, what is this new, future platform you were talking about ? thanks
 
Hmmmm, then I must be wrong about any guaranteed entries with oanda, they increase the spread and have slippage at the same time, that can't be right.

Would one of the oanda traders please straighten me out on this?

This is how it works in the real world, a Stop/Limit order sits on the server until the price is hit, once it is then it changes to a market order and you get filled at wherever the price is at that point, in fact I got slipped 2 pips on an entry this morning on the Loonie. Anyway once you are in the trade then the limit you place is generally exact even in heavy volume.

Your stop loss functions the same as the Stop/Limit, held on server until price is hit and the converts to market order which is why you can get filled on a stop at a price you were not expecting.

I will PM you about the Broker info if it is OK.

Also I would add that the currenex and hotspot feeds that we have are not full of a lot of retail trading, and this may be why oanda prices don't really match up, with a lot of retail the prices swing like crazy.

I still would be concerned about the slippage and the artificial spreads one or the other would be fine, but BOTH. The currenex and hotspot platforms do not have a widening of spreads before news, so that is something local to currenex.

The Ever Currenex Viper
 
Interbankfx demo
4:29 close 1.8902,
4:30 open 1.8895
1.8895 is the high of 1min candle.

Alpari demo
4:29 close 1.8903
4:30 open 1.8904
1.8904 also the high of 1min candle

All above are bid price. Need to add another 2-3 pips for average bid/ask price. So Oanda quote still in the market range.
 
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