Sniper Forex System

[szt0495]

Kudos for your efforts, but how did you decide on your entry levels for this backtesting? Did you use the opening or close of the candle in your calculations?
You have to be aware that sniper gives many entry and exit signals that subsequently disappear. Because with backtesting, you don't know what signals have disappeared, you cannot have taken all the false signals.
Recently, we have had many stop signals, that have subsequently disappeared and so you cannot do accurate backtesting.

OK right now at the beginning of the candle on GBPUSD there is an entry to a long position at 1.5795 on 13th October 2 PM Alapri time, 1 PM UK time. If this position goes up, you will be able to see it when you look back in many months time. If it goes down, it will disappear forever. It makes backtesting with any accuracy impossible.

Hi!

I know that "testing" like this cant be accourate, but gives some guidelines about how to use the system.

For entry points, I did not wait for candle close, I used avarage 10-15 pips from the cross of the previous sniper stop levels. The manual also says that

"Do NOT wait until the end of the bar/candle to enter the trade,
enter precisley when all conditions have been met."​

And I also aware of that some signals used to go away when conditions change sharply, so yes, this "testing" can not be as accurate as I would like it to be. I'm trading it since a few weeks, and I did not see that much disappearing signals yet. The ones I saw were not gamechanger signals, just some false alarms, and false arrows, but these disappearing signals did not mach all the conditions anyway so I didn't take them. Of course this couldn't mean that there are no false "disappearing entry signals" in every month. (But if it would disappear after I entered, I think I would bailt out of those trades)

I think if someone is well experienced, and educated enough in forex anyways, should recognise a probable false signal.

I traded demo account first, and took every possible signal on gbpjpy even when I knew that it would be pretty much a looser trade (and it was), and overall still made very good gains of profit. I'm not affraid to trade live now. And I take much more care about technicals and fundamentals this time, so I hope I'll do better than on demo.

Cheers

 

[szt0495]

BTW:

Anyone having success with the EA for Sniper Forex?

 

[fx_eagle]

yes

BTW:

Anyone having success with the EA for Sniper Forex?

yes szt0495,

is that the date you start trade 04/95

yes successful, I have last month after I start let run the sys at a vps and not miss any trade, same you see if you read my posting before.

for backtesting I see around 30% of all signals coming between the full hour, so it is difficult.
but the trend is clear

and if the cable not change the nature every month to move big, this system will make $$$

but don't forget this is a hard work also to observe the charts and manage your trades, only switch on the EA and wait for the $$ will be not possible.

cheers

 

[SXMTrader]

Which pairs are you trading

Hello Everyone,

Please let us know which pairs you are trading.

I am trading GBP/JPY and GBP/USD and EUR/JPY

Some other experience?

Holger

 

[salvadorveiga]

Kudos for your efforts, but how did you decide on your entry levels for this backtesting? Did you use the opening or close of the candle in your calculations?
You have to be aware that sniper gives many entry and exit signals that subsequently disappear. Because with backtesting, you don't know what signals have disappeared, you cannot have taken all the false signals.
Recently, we have had many stop signals, that have subsequently disappeared and so you cannot do accurate backtesting.

OK right now at the beginning of the candle on GBPUSD there is an entry to a long position at 1.5795 on 13th October 2 PM Alapri time, 1 PM UK time. If this position goes up, you will be able to see it when you look back in many months time. If it goes down, it will disappear forever. It makes backtesting with any accuracy impossible.

strategy tester... and put Sniper in it, and you can run real time with the exact entry prices...

 

[fx_eagle]

pair

Hello Everyone,

Please let us know which pairs you are trading.

I am trading GBP/JPY and GBP/USD and EUR/JPY

Some other experience?

Holger

hi SXM,

I trade only cable

cheers

 

[Amigo1]

How is it possible to use strategy tester? Sniper forex is not EA, it's manual system.

 

[greenfield]

Well, that's my first 6 months with Sniper (GBPUSD 1HR), 158 trades in total.
It works out at 22 pts per day/18 pts per trade.
While I'm always hoping for a few more pts to get closer to the results published on the website, I'm really quite pleased with this. I hope to still be here in 6 months to report on 1 year's data.

The attached chart refers to pts gained over this period.

 

[GumRai]

Nice one Greenfield, hope that the next 6 months are even better
By the way, before you were using the sniper stop without +/- 5 or 10 pips, are you still doing the same?

 

[schweepus]

Well, that's my first 6 months with Sniper (GBPUSD 1HR), 158 trades in total.
It works out at 22 pts per day/18 pts per trade.
While I'm always hoping for a few more pts to get closer to the results published on the website, I'm really quite pleased with this. I hope to still be here in 6 months to report on 1 year's data.

The attached chart refers to pts gained over this period.

Hi Greenfield,

Thanks for posting your results.

I'm also a new comer to the Sniper system and I am currently investigating whether or not to use it.

With regard to your posted results, what profit taking strategy are you using? The Sniper doc says to enter with two lots, first lot take profit at 100 pips and then move the second lot stop to breakeven and ride out until the end of the trend. Is this the strategy you are using?

Thanks

 

[greenfield]

Hello GumRai and schweepus,
I need to get back to you later on with an answer. (This is very off-topic !! - I have to pop out to see my horse. I wait until everything settles down – this present long seems to be behaving, with no pending news items; and late morning things seem to slow down a little. I take my laptop – at the yard where my horse is I use their wi-fi system to monitor any trades I have open. Then I should be back before the US news this afternoon (in the UK). This seems to work fine)
Bye,

 

[GumRai]

Hi Greenfield,

Thanks for posting your results.

I'm also a new comer to the Sniper system and I am currently investigating whether or not to use it.

With regard to your posted results, what profit taking strategy are you using? The Sniper doc says to enter with two lots, first lot take profit at 100 pips and then move the second lot stop to breakeven and ride out until the end of the trend. Is this the strategy you are using?

Thanks

Hello and welcome,
What is the sniper doc? I'm pretty sure that I have not seen anything that recommends take profit at 100 and move SL to B/E on the 2nd lot. I would have thought that pretty much every trade, by the time it is up 100 pips, the sniper stop would be above B/E anyway.

 

[schweepus]

Hello and welcome,
What is the sniper doc? I'm pretty sure that I have not seen anything that recommends take profit at 100 and move SL to B/E on the 2nd lot. I would have thought that pretty much every trade, by the time it is up 100 pips, the sniper stop would be above B/E anyway.

Hi GumRai,

The doc I am talking about is the setupguide.pdf that I got with the Sniper Demo. However I have just re-read it and I think I have gotten mixed-up with the Advanced Strategy part where it describes breaking a lot into 5 sub lots and taking profit at 25 pips, 50 pips, 75 pips, 100 pips and the last lot is exited when the trailing stop is hit or an opposite signal is given. Sorry about that!

So I guess my question to Greenfield is does he use the basic exit strategy (i.e. exit on trailing stop or opposite signal) or does he use the more advanced strategy?

Thanks

 

[GumRai]

Hi GumRai,

The doc I am talking about is the setupguide.pdf that I got with the Sniper Demo. However I have just re-read it and I think I have gotten mixed-up with the Advanced Strategy part where it describes breaking a lot into 5 sub lots and taking profit at 25 pips, 50 pips, 75 pips, 100 pips and the last lot is exited when the trailing stop is hit or an opposite signal is given. Sorry about that!

So I guess my question to Greenfield is does he use the basic exit strategy (i.e. exit on trailing stop or opposite signal) or does he use the more advanced strategy?

Thanks

You may have seen that I attached an excel spreadsheet with the results from the beginning of September. I am working to improve this spreadsheet, when the time allows, but I have been very busy with trying to improve my understanding of the Forex market
The latest spreadsheet that I attached allowed you to enter different take profit levels to see what effect it would have. The small sample that I have in my spreadsheet suggest that taking profit at anything less than 150 pips will work against you, though it may help you psychologically.
Greenfield has been trading Sniper for a much longer period and used to take profits on half his position at 75 pips and has the same conclusion. - Getting out of a trade early will work against you if just based on pips profit.
Kent and Sal are using Elliot waves in conjunction with Sniper and because they have taken the time to study their speciality, it is working well for them.

I hope to be attaching an updated spreadsheet soon and would welcome any comments - including criticisms from those who have downloaded it. Especially any suggestions as to how to make it more user friendly.

 

[schweepus]

You may have seen that I attached an excel spreadsheet with the results from the beginning of September. I am working to improve this spreadsheet, when the time allows, but I have been very busy with trying to improve my understanding of the Forex market
The latest spreadsheet that I attached allowed you to enter different take profit levels to see what effect it would have. The small sample that I have in my spreadsheet suggest that taking profit at anything less than 150 pips will work against you, though it may help you psychologically.
Greenfield has been trading Sniper for a much longer period and used to take profits on half his position at 75 pips and has the same conclusion. - Getting out of a trade early will work against you if just based on pips profit.
Kent and Sal are using Elliot waves in conjunction with Sniper and because they have taken the time to study their speciality, it is working well for them.

I hope to be attaching an updated spreadsheet soon and would welcome any comments - including criticisms from those who have downloaded it. Especially any suggestions as to how to make it more user friendly.

Thanks GumRai! I think that when I start trading with Sniper I will exit on the trailing stop as this seems to be the common recommendation. One problem I can forsee for myself is being tempted to close a position early when it is in profit so I will need to develop that discipline

I have a couple of other questions that maybe you could help me with. Forgive me if these have already been answered in previous posts!

1. What do you do when Sniper signals an entry when you are away from your computer (e.g. when you are asleep!) A good example of this is today where an long entry was signalled on Cable at around 1am (UK time). Do you just enter anyway first thing in the morning when you see this?

2. Do you take every entry signal? I can see that some signals occur when the price has dropped very far already thus giving a wide stop. Is it best to avoid these trades or just reduce position size accordingly?

Thanks

 

[salvadorveiga]

You may have seen that I attached an excel spreadsheet with the results from the beginning of September. I am working to improve this spreadsheet, when the time allows, but I have been very busy with trying to improve my understanding of the Forex market
The latest spreadsheet that I attached allowed you to enter different take profit levels to see what effect it would have. The small sample that I have in my spreadsheet suggest that taking profit at anything less than 150 pips will work against you, though it may help you psychologically.
Greenfield has been trading Sniper for a much longer period and used to take profits on half his position at 75 pips and has the same conclusion. - Getting out of a trade early will work against you if just based on pips profit.
Kent and Sal are using Elliot waves in conjunction with Sniper and because they have taken the time to study their speciality, it is working well for them.

I hope to be attaching an updated spreadsheet soon and would welcome any comments - including criticisms from those who have downloaded it. Especially any suggestions as to how to make it more user friendly.

Gumrai I don't use EW... i trade according to the systems I have, although I will make EW for a mid term, longer term analysis. Kent on the other hand seems to be focusing more on lower timeframes EW. My main target are primary degree waves and then i trade accordingly with the systems, and EW helps me so I know what I'll have ahead of me... I'll use EW on extreme points though where I think a bigger trend is imminent on change...

For GBPUSD using EW I went very short at 1.69-1.71 for longer term because my EW told me that was the ending point of the trend (at the time GBPUSD was trading in the 1.60xx's and Kent is witness of this).

Anyhow, you guys are losing a lot of opportunities in other pairs... EURGBP which I advised a few days ago, is on a roll, no losing trade since last week of July. 2 months and half without losing trades :clap:

It just issued a short a couple hours ago and it's already 200 pips in profit yaaay

http://3.bp.blogspot.com/_l3Np4NrEMCU/StcQctNTnuI/AAAAAAAAAj8/QGmhHt9S5EE/s1600-h/gu21.gif

 

[schweepus]

Gumrai I don't use EW... i trade according to the systems I have, although I will make EW for a mid term, longer term analysis. Kent on the other hand seems to be focusing more on lower timeframes EW. My main target are primary degree waves and then i trade accordingly with the systems, and EW helps me so I know what I'll have ahead of me... I'll use EW on extreme points though where I think a bigger trend is imminent on change...

For GBPUSD using EW I went very short at 1.69-1.71 for longer term because my EW told me that was the ending point of the trend (at the time GBPUSD was trading in the 1.60xx's and Kent is witness of this).

Anyhow, you guys are losing a lot of opportunities in other pairs... EURGBP which I advised a few days ago, is on a roll, no losing trade since last week of July. 2 months and half without losing trades :clap:

It just issued a short a couple hours ago and it's already 200 pips in profit yaaay

gu21.gif (image)

Hi salvadorveiga,

I noticed that the chart you posted is the 4 hourly, is that the timeframe you trade with Sniper?

Thanks

 

[salvadorveiga]

i don't trade anything less that 4H...

Less time consuming and it's where the real money is made.

 

[GumRai]

Sorry Sal, I did actually think that you and Kent were the residents here that had expertise with EW. Certainly Kent uses EW a lot with sniper. I know that you tend to trade with H4 charts and use EW as one of the factors in your analysis. So EW is not a major factor in your analysis? I was mistaken, I thought that it was. Sorry about that.

Schweepus, I will be back later. I'm knackered and will try to get a few hours sleep.
I will answer some of your questions unlkess somebody else does meantime

Goodnight

 

[salvadorveiga]

Sorry Sal, I did actually think that you and Kent were the residents here that had expertise with EW. Certainly Kent uses EW a lot with sniper. I know that you tend to trade with H4 charts and use EW as one of the factors in your analysis. So EW is not a major factor in your analysis? I was mistaken, I thought that it was. Sorry about that.

Schweepus, I will be back later. I'm knackered and will try to get a few hours sleep.
I will answer some of your questions unlkess somebody else does meantime

Goodnight

I do use EW but most it's in order to assess the major trend and turning points... i don't use EW on 30 M charts or hourly charts to base my trades...

I use EW for turning points and use it as well to know when to increase my risk size... if EW tells me a turn in the trend is imminent (larger time frames that can be worth thousands of pips) once my system tells me to go short I go short or long big.

For example EURUSD now, EW tells me a change in trend is imminent so now, I will rely on the systems to tell me when to short it and once it does I'll go big...

when I'm in the middle of a trend in EW, where there are not major turning points but just normal action and corrections my risk then goes back into normal mode.