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In situations of High Volatility of the markets, slippage may occur (a situation when the price suddenly changes by a lot, jumps suddenly high or drops suddenly low) in which case it may be that the price does not touch the Stop Loss set on the trade, therefore not triggering it, in which case the Stop Loss will automatically be executed at the immediate next best price on the market.
A practical example ensues:
A Trader opened a 0.5 lots selling position for GBPUSD at 1.22768, setting a Stop Loss at 1.22900.
However, due to sudden movements of the market, tick prices were as follows:
1.22768
1.22769
1.22770
1.22769
1.22768
1.22769
1.22821
1.22930
1.22931
1.22932
This indicates that the Stop Loss was not executed at the set price, as the price jumped from 1.22821 to 1.22930, thus executing the Stop Loss at 1.22930 which was the next best price in the market.