StopLoss does not cancel open position

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1

Imported from previous forum

2

Hi,

Why a stop order behaves like a limit order ?
I would like that my stop order close the actual position and do not open a position on the other side. (StopLoss)

Ex :

Buy 1000000 @ 1.3700
Set StopLoss @ 1.3695

Wrong:
When Stop Order is triggered, I am long from 1M @ 1.3796 & short from 1M @ 1.3695
Correct :
Position closed @ 1.3695

Thanks for your help,
Regards,
S

3

Why do you think this is a FIX issue? You do not give any details on the FIX messages, fields and values used.
If you sent a stop market order (40 OrdType=3) then 44 Price would be empty (not 1.3700). You would only send the trigger price and the receiver would try to get you out at the best price as soon as a trade occurs at 1.3695. You have no control over the actual price to get you out unless you provide a limit. However, then you have less of a chance to get out at all if nobody wants to take the other side of your limit.

Regards,
Hanno.

Hi,

Why a stop order behaves like a limit order ?
I would like that my stop order close the actual position and do not open a position on the other side. (StopLoss)

Ex :

Buy 1000000 @ 1.3700
Set StopLoss @ 1.3695

Wrong:
When Stop Order is triggered, I am long from 1M @ 1.3796 & short from 1M @ 1.3695
Correct :
Position closed @ 1.3695

Thanks for your help,
Regards,
S

4

Hi,

I have tried to remove field 44 but this field is required (Rejected)
It seems that Field 40=3 is not correctly interpreted by my broker.

For example, this FIX message does not work:
8=FIX.4.4|9=171|35=D|34=3|49=X|52=20111213-18:33:35.578|56=X|11=ccebb1ae-e6d7-410d-931d-8894f462392a|54=2|60=20111213-18:33:26.983|38=1|40=3|99=1.30917|55=EUR/USD|15=EUR|10=072|

(For privacy, I have replace TargetId & SenderId by X)

Thanks,
Steven

Why do you think this is a FIX issue? You do not give any details on the FIX messages, fields and values used.
If you sent a stop market order (40 OrdType=3) then 44 Price would be empty (not 1.3700). You would only send the trigger price and the receiver would try to get you out at the best price as soon as a trade occurs at 1.3695. You have no control over the actual price to get you out unless you provide a limit. However, then you have less of a chance to get out at all if nobody wants to take the other side of your limit.

Regards,
Hanno.

Hi,

Why a stop order behaves like a limit order ?
I would like that my stop order close the actual position and do not open a position on the other side. (StopLoss)

Ex :

Buy 1000000 @ 1.3700
Set StopLoss @ 1.3695

Wrong:
When Stop Order is triggered, I am long from 1M @ 1.3796 & short from 1M @ 1.3695
Correct :
Position closed @ 1.3695

Thanks for your help,
Regards,
S

5

Suggest to check with your broker and the Rules of Engagement. If he does not support stop market orders then OrdType=3 should not be accepted in the first place, only OrdType=4 for a stop limit order.

Hi,

I have tried to remove field 44 but this field is required (Rejected)
It seems that Field 40=3 is not correctly interpreted by my broker.

For example, this FIX message does not work:
8=FIX.4.4|9=171|35=D|34=3|49=X|52=20111213-18:33:35.578|56=X|11=ccebb1ae-e6d7-410d-931d-8894f462392a|54=2|60=20111213-18:33:26.983|38=1|40=3|99=1.30917|55=EUR/USD|15=EUR|10=072|

(For privacy, I have replace TargetId & SenderId by X)

Thanks,
Steven