From the Internet:

Hi Jerry,  I really enjoy reading your blog and looks like you are making some good observations. I have a question.

Q: I was trading the EUR-USD long this morning (Oct 16 2006 EST) and I got my 1st profit target of 1.2527,and should have gotten my Profit Target 2 of 1.2537 according to my charting program.  My broker apparently did not see that the markets reached my PT2. By the time I looked at my charts again I was loosing 2 Pip’s on PT2, and then I closed my trade. At least I did make 4 PIPS on PT1 of 1.2527. 

Can You Tell Me Why I was Not Filled at 1.2537?
Grass Hopper 

A: Grass Hopper, The EUR-USD only ticked at your target: 1.2537, briefly this morning. Congratulations on calling "Thee Top" of the day! Butt I have to ask,  Were you being greedy with a pip or two? If so, Let that be a lesson to you. (Hey, that rhymes!). Although you did not provide me with a chart of your analysis or how you calculated 2537 - I will assume for the purpose of this blog that you tried to capture the absolute top - instead of being happy with one or two pips less.

The bottom line is that your charting service (which I have concealed the name of) is a composite of several hundred banks and brokers trading on the inter-bank market. It appears as if your broker (who I have concealed the name of) never traded at the high of 1.2537 for the few ticks that a few others did. Remember, there is no central exchange and although the Forex market is extremely liquid - your broker might not be!

This begs me to tell you that in all trading - whatever you trade (stocks options, futures, milk, corn, gold, EUR-USD) EXECUTION IS KING! It’s worth every pip as your example clearly points out - as you lost much more than one pip. I also suspect that you were trading with market and not limit orders.

Tsk tsk, Grass Hopper!….. I suggest you demo trade Tuesdays PPI and TIC Reports and Wednesdays CPI and Housing Starts  :>)

Happy Trading - Jerry Furst for "1st in Forex"