What are your broker's rules for a buy stop? As strange as it may sound, I've read about brokers who use the offer as the trigger, rather than the bid or the last trade.
the interesting thing about this chart is you can clearly see flat line limit selling in the .40 area holding it down......gee, I wonder who was selling...hmmmm
I've got an email into my firm. Currently, they cannot say whether a NITE stop is triggered via best bid or via last trade. They are going to let me know soon. If it is triggered by Best Bid then I can understand a "fake" bid triggering the stop and hence there being no sale (still kind of funky that a best bid wouldn't take out an offer). However, at my broker, there have been complaints in the last few weeks with NITE regarding these types of issues. Regardless, thanks for all your comments. Lesson learned the hard way
you guys need to learn how the markets work before you go saying a firm can go f*ck themselves. (not saying that you don't get f*cked legally by NITE) it's not NITE's rules...it's the exchange where the stock is listed. AMEX and NYSE listed stock stops are triggered off of the last trade and OTC (NazCrack) are triggered off of the bid for sell stops and off of the ask for buy stops. either way, stop using charts for something that you need time and sales for. that's ALL that matters. you'll see where your stop was triggered with time and sales and can then go try and fight for better executions and/or busts on a ...supposedly ...stop triggered in error. (by the way, they take stops out all the time with all mm's...not just NITE.)
I don't think the rules of the exchange exceedingly matter in certain cases. It is usually the software that sends the stop order based upon combinations of NBBO, last trade, etc.. Also, I checked T&S from various sources and they match the chart provided. The fact is I made this trade under the impression that last trade was the trigger (which was wrong and an error on my part). For NITE's sake they did give me price improvement . After seeing the chart with the selling I was anticipating within minutes of the position being covered... well, lets just say I wanted to vent some frustration using language I felt appropriate... as someone else already mentioned, it is not NITE's fault I dangled a piece of meat in front of them. Mike P.S. I also believe that all the big MM's are secretly monitoring my computer during trading hours so as to stop me out at perfect highs and lows.