My software for the AUD/NZD strategy has been trading along without any issues and an event with Interactive Brokers left me with a large position without a stop loss order as a fallback.
My strategy will enter the market with a limit order, which at the time the order is submitted the software attaches a profit target limit order, a stop loss order and a good-after-time market order to exit the position if the profit target or stop loss order hasn’t been hit in a specified amount of time.
Last night I received a partial fill on the initial entry order and then the price moved up and the profit target was hit. IB adjusted the bracket orders to reflect this partial fill as expected. However when the price moved down again and the remaining amount was filled on the initial limit entry order, IB canceled my stop loss and my good-after-time market order, leaving only the profit target order intact and also leaving the position completely exposed if the price continued to decline.
I received the following email from IB below:
I’ve submitted an order ticket to IB asking them if there was a problem with the parent/child orders, why on earth would they only cancel some of the child orders and not all parent/child orders that were part of the OCA group.