TECHHDATE07 wrote: Wed Feb 28, 2024 1:01 am
ICmarket casually skipping my take profit level. Hehe
They usually don't.
They're one of the nice one's out there...IF NOT THE NICEST.
Looking at the chart, it seems the other side of the spread DID NOT touch the price line (your TP).
Hence your position(s) wouldn't have been closed for profit.
Let me explain how it works.
Let's say you're trading a market which has a spread of two points.
You'll normally get a quote such as: 18944.30 18946.30
From the quote above, you buy at 18946.30 (ASK) if you open a buy position...and sell at 18944.30 (BID) if you open a sell position.
However, when exiting your positions, it's always the reverse.
From the chart you posted, it shows you went short (SOLD)
Let's say your Take Profit (TP) was 30 points. In this case, 18916.30
For the market to close your position(s), the BUY side of the spread must touch or exceed your TP, downwards.
The market must quote at least 18914.30 18916.30
If the BUY side of the spread DOES NOT reach or touch 18916.30, your position(s) would NOT be closed.
It doesn't matter if the SELL side of the spread touches or goes through your TP level.
If for example, market goes as low as 18915.70, your TP would NOT be hit.
Because, at that point, the spread would be: 18915.70 18917.70
The buy side (18917.70) does NOT reach your TP price (18916.30)
Price REVERSED upwards from the low point 18915.70
The thing to remember is:
When buying, your positions are closed at the BID (The left hand side of the spread)
When selling, your positions are closed at the ASK (The right hand side of the spread)
Hope this helps!!
