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Answer:
Just to add to Cyclopip's great answer...
Remember that this is a market and for every buy order there has to be a matching sell order...
let's say there are 10M units up for sale at your buy order of 1.2000, but your order just happened to be the last 100k units of 10.1M units of buy orders.... You won't get filled because there won't be any more sell orders at that price, at that moment... That's a condition of market liquidity...
You may find that this doesn't happen often with market makers as they are willing to take the other side of client orders, but you may see this with an ECN broker. Because ECNs mainly match up client orders, there will be times when the market hits your order price, but doesn't trigger because of the lack of orders on the other side of your trade....
Hope this helps
