Sniper Forex System

[GumRai]

salvadorveiga,
yes that makes sense.
I'm really looking at Cable because it is the recommended pair.
These fluctuations are really making me look at ways of trading the larger timeframes, where fewer signals and bigger stops can sometimes work to your advantage when a decent trend sets in.


GreenField,
Your last post about your results not being as good as those posted on the SF website made me take a look.
Seeing the profit of 1496 pips in June, I ran through the H1 Cable chart to identify the trades. Obviously I had to use the candle's closing price as reference to where each trade was entered, sometimes a benefit, sometimes not. I used 10 pips above/below sniper stop as stoploss
Although the results of backtesting June were very impressive, they came out at 968 pips profit. Very good, but well shy of the 1496 pips on the website.
What was your results for June? Anything around the 1500 mark?

Thanks

 

[GumRai]

Well the blue arrow appeared at 10AM UK time and stopped the short at 1.5908 (ask). Another small loss on the books of about 8 pips.
I have ignored the arrow and not closed the trade as it had broken through support and tested it as resistance on the H1 chart, so there could be further downside. Will stay in for the time being and observe.

 

[FDtrader]

hello everybody,
What do you think about this scalping strategy:

Using sniper forex on GBPUSD 5M
Enter always when arrow appear,but only if arrow appear at the start of new bar.
Take profit 10
Stop loss 10
8am to 5pm, break 12pm to 2pm GMT+1
Backtest give me about 100pips for week.

I want to put stop loss 5pips but it's not good,got many times....

 

[GumRai]

hello everybody,
What do you think about this scalping strategy:

Using sniper forex on GBPUSD 5M
Enter always when arrow appear,but only if arrow appear at the start of new bar.
Take profit 10
Stop loss 10
8am to 5pm, break 12pm to 2pm GMT+1
Backtest give me about 100pips for week.

I want to put stop loss 5pips but it's not good,got many times....

FD,
How did you backtest? You don't know exactly when the arrow appeared when backtesting.
Did your 100 pips for the week take into account the 3 pip spread? If it didn't, 7 trades a day would see that 100 pip profit evaporate and turn into a loss.

 

[FDtrader]

I know that, yes I calculate 3pips spread.
But I start monday live and I stay +40pips right now,
and monday afternoon I didn't get 3 profit enter.
At the end of the week I will show my results....I hope good

Maybe toghether we can make a good scalping strategy using sniper forex....

 

[greenfield]

GreenField,
Your last post about your results not being as good as those posted on the SF website made me take a look.
Seeing the profit of 1496 pips in June, I ran through the H1 Cable chart to identify the trades. Obviously I had to use the candle's closing price as reference to where each trade was entered, sometimes a benefit, sometimes not. I used 10 pips above/below sniper stop as stoploss
Although the results of backtesting June were very impressive, they came out at 968 pips profit. Very good, but well shy of the 1496 pips on the website.
What was your results for June? Anything around the 1500 mark?

Thanks

Hello GumRai,
It varies widely, month by month, but on average I get about 80% of the gains stated on the sniper website. Strangely though, for June, I ended up with 1658 pts – the only month I gained on the 'official' figures. It works out at 75 pts a day for me for June – we could do with a few more like that! I can only speculate at the difference we are making compared with the website figures.

Not relating to the Sniper website, but statistics generally, I think that we can be sidetracked a little, i.e. if we look at June – we could ask ourselves – what's so special at looking at data starting at day 152 of the year and ending at day 181? The first half of July was quite good, but the 2nd half was really bad. I think that any one trading month is not that statistically important.

I won't be happy until I can say – here's data for 1 year (I'll be able to do that in April 2010 if I'm still here). I think data for 1 year will be quite useful.

But in the meanwhile, all I can show is the data that I have (a week short of 6 months) – 2592 pts – 20.7 pts a day. I really wished that there were other people out there who have been putting together data like this so that we could be making more meaningful comparisons.

But, statistics to one side, I still find this a useful system. It does 'what it says on the tin.'

 

[FDtrader]

hello greenfield,
how do you use sniper?
GBPUSD 1H?

 

[greenfield]

hello greenfield,
how do you use sniper?
GBPUSD 1H?

Hello FDtrader,
Yes, GBPUSD 1HR. 2 trades – 1 as per the rules, the other one we've been discussing here various options; originally a TP trade, now more of an experiment. The data I refer to only relates to the 1st trade, as per the rules.

As an experiment, I've also been trading Sniper GBPJPY 30M, since 21 August.

Your scalping experiment looks interesting. Not sure if I could trade using a 5M chart. Please keep us up to date though.

Bye,

 

[GumRai]

Sniper has just signalled an all systems go short at 1.5883. I'm still in the previous short as i ignored the blue arrow that told me to exit 1.5908 (ASK).
WOW! shot straight up to 1.5913, 30 pips in a matter of minutes.
It's poked through resistance, but hasn't broken it convincingly yet, so I'm still in.

 

[forexkunta]

hello everybody,
What do you think about this scalping strategy:

Using sniper forex on GBPUSD 5M
Enter always when arrow appear,but only if arrow appear at the start of new bar.
Take profit 10
Stop loss 10
8am to 5pm, break 12pm to 2pm GMT+1
Backtest give me about 100pips for week.

I want to put stop loss 5pips but it's not good,got many times....

FD,
How about adding a 15M chart next to the 5M, to verify the overall trend, and only scalp in the direction of the overall trend? Just a thought.
Kent

 

[GumRai]

I've been up too long - gonna grab an hour relaxing time
Seeyalater

 

[forexkunta]

Hey Everybody,
I have been looking at my stats for the week, and Guppy has not had a losing trade this week. I have earned 256 pips with no losses, so far this week. Cable has been a different story.
Kent

 

[john225]

forexkunta are you using the sniper forex system original or modified.
And what means Guppy?

 

[forexkunta]

forexkunta are you using the sniper forex system original or modified.
And what means Guppy?

John,
Welcome to the Sniper thread. I use Sniper for entry, and then go forward with Elliott Wave theory wave counts and Fibonacci projections for when to exit. I also use the Relative Strength Index and Money Flow Index indicators to look for divergence when a move is beginning to falter. I have seen trade after trade go way up on pips and then by the time the Sniper signals exit, it goes to 20 or 30 pips. The system is a very good system, but have been using it long enough to alter my exit strategy for more pips profit. I always use the entry that Sniper signals, as a confirmation of direction. For someone that is new to manual trading, it is an invaluable system to cut your teeth with.
Regards,
Kent

P.S. Guppy is the nickname for the GBP/JPY pair.

 

[GumRai]

Hey Everybody,
I have been looking at my stats for the week, and Guppy has not had a losing trade this week. I have earned 256 pips with no losses, so far this week. Cable has been a different story.
Kent

John - Guppy is British Pound/Japanese Yen

What time-frame are you trading now then Kent? Using Sniper?
I thought that you'd decided to quit the M30 T-Frame and stick with the H1 on GBPJPY.
I've been loosely monitoring Pound/Yen and noticed that there was a short on Monday that was stopped at a loss the next Day: a short this morning, stopped at a loss and currently a long that is showing a loss.

 

[forexkunta]

John - Guppy is British Pound/Japanese Yen

What time-frame are you trading now then Kent? Using Sniper?
I thought that you'd decided to quit the M30 T-Frame and stick with the H1 on GBPJPY.
I've been loosely monitoring Pound/Yen and noticed that there was a short on Monday that was stopped at a loss the next Day: a short this morning, stopped at a loss and currently a long that is showing a loss.

GR,
I am using the 1H on guppy, but check out my above post about my exits. I really hate to have a good trade turn into a loss. I am now running my s/l settings according to EW theory. Stops some of those large spike stop outs. However, my risk will remain in place for a large part of the trade. Just my personal preference the more confident I get with EW.
Regards,
Kent

 

[forexkunta]

I also am not one to take each and every trade alert. The long that is in progress on guppy at the moment, was a very quick a-b-c retrace of the last large move down. And I expect guppy to make a turn and go short again soon, so I did not take that long. Am also in some shorts on AUDUSD and EURGBP which are both in corrections of the last large move up. So being in those trades already, had I gone into guppy on the long, it would have violated my money management rules, so I stayed out for that reason also.
Kent

 

[GumRai]

I see that you've added a reply Kent.
Obviously not using the Sniper Exit signals have worked in your favour this week, otherwise you'd be showing a loss on the GBYJPY.
One thing that definitely could do with some improvement is the Exit strategy with Sniper.
As I pointed out earlier, Sniper signalled a short yesterday midday, that was stopped by a blue arrow earlier at a small loss and then reversed and essentially signalled a re-entry into the same trade, but dropping 25 pips between times. That trade has since been stopped by a blue arrow again with a 31 pip loss.
As both of the histograms are currently red, a drop of 10 or 15 pips could easily signal a re-entry into the same trade again!

 

[GumRai]

It was getting late here after my last post yesterday and so I went to bed. It was quite boring with all the flip-flopping on the Cable short position, so I left a stoploss in place and retired.
Unbelievable - after 5 losing trades in a row, the cable turned.
A proper long position got underway and I missed it!
This long position is currently up about 130 pips and would have given me back my losses and then some!


Can't blame it on the system, but it is sooooo frustrating!

 

[2be]

Hi GumRai, I use sniper on H1 but as a confirmation of the trades, and profits are taken when they are there. In a ranging market it is difficult for a long runs to be there and it is during this conditions that sniper does not perform that well with its particular entry and exit strat.
Maybe the question related to the market conditions needs to be addressed first, namely is the market trading or is it range bound. To get this perspective I use highier TF and in ranging markets or if I see a clear corrective waves I trade differently than during the impulsive EWs. Longer runs are less likely in a corrective but the story is different with the impulsive. When this is addressed sniper is of grerat assistance.