Sniper Forex System

[GumRai]

gumrai, just looking at number of pips may be misleading... my risk per position or in other words my stop loss is larger than yours if you trade the 1H for example... so 2000 pips in 6 months for you may be more money than for me. your value per pip is surely much greater than mine (assuming 2 portfolio with the same amount of money )

While, I will use a stop loss of for example 250 pips, if you use stop losses of 125 pips for instance, your position will be 2x larger than mine.

So a 2500 pip gain for you will be the same as 5000 pips for me, money wise.

I use the same risk whatsoever, although they may be somewhat correlated they don't go in conjunction all times, look at gbpusd which is 800 pips lower from the highs while eurusd is making new highs... It's not confusing really... don't forget I trade dailies and 4H timeframes so I get about 30-40 signals per month on a 24 hour basis.

So if you have a position open on GBPUSD with say a 3% risk and an opportunity with EURUSD arises, you will open another trade with 3% risk? Or have you decided on something like 1 or 2% risk to take into account that you will have trades open on correllated pairs at the same time?
I have to say, that I'm tending towards agreeing with you about trading 4 hour and daily time-frames. I find it much better and make decisions based on the candle close. This way you can identify possible trade set ups and wait, you only have to update every 4 hours.

 

[salvadorveiga]

3% are you crazy? with this number of instruments.... like Seykota would say 3% and you're pushing your luck....

I trade 0.8-1.5% per trade it depends where my equity curve is... whenever my equity curve is above the moving average i trade the higher bracket... if it falls below the moving average i'll trade the lower range

 

[Hooman]

Sniper Forex EA v3

Hi all

i wanna know that is here anyone is using the last Sniper Forex EA v3?
If its, so would you please share the settings or any back(forwrad) test results?

i'm testing it but it has too many parmeters that made me confused!

anyway, i need some help to set the v3 EA.

Yours,

 

[SanAmsterdam]

salvadorveiga, great results, congrats..!

Are you trading Sniper manually?

 

[fx_eagle]

thx for the name

Hi all

i wanna know that is here anyone is using the last Sniper Forex EA v3?
If its, so would you please share the settings or any back(forwrad) test results?

i'm testing it but it has too many parmeters that made me confused!

anyway, i need some help to set the v3 EA.

Yours,

hi Hooman,
thanks for the name.

I found that by search at the net now, You mean that from the elite section of tradingsystemforex forum right.

you take it from there and they not give explanation of the options, but I see at the free site the administrator give some info and I think in the elite section you can ask all ?, and if you have the manual from Gary together it will give you all info, or?

prob is here I think we can't show this EA , coz is commercial.

but I try it now and looks nice, every parameter from gary system is under control, also can trade same Gary say by 5 lots and different tp and slippage and everything.

wow really good one and sorry pircj but now I used this , it's a big step forward!

only the commercial I don't like

but everyone can search in the www and will find everything :cheesy:

cheers everyone and good luck at the weekend

 

[salvadorveiga]

sanamsterdam, it's not sniper it's my own system, which is a trending system as well, and one of the components is based on sniper, so the results of sniper maybe are not too far off as well

 

[gangsta1]

Can someone clear something up thats bugging me like crazy!

Do you enter as soon as the arrow appears and the colors match or do you wait for the candle to close?
Im concerned that by entering as soon as the signals agree I may run into a repainting problem as has happened so many times in the past, particularly with Forex Profit Monster.

Many Thanks, Still digging my way through this humongus thread....

 

[salvadorveiga]

forex profit monster is not a problem the repainting.... I don't have their system but I have the PDF and they clearly say only to take action at the CLOSE of the candle...

her'es a quote from the site:

Every Forex Profit Monster indicator stays exactly the same on the chart once the candlestick closes. The only time an indicator will change is if it’s still on the “active” candlestick. Also, all of the Forex Profit Monster System trading decisions (except exiting at support or resistance) are designed to be made at the close of a candle. What this means is that you can back test the Forex Profit Monster System with confidence, knowing that what you see in the past history of a chart was what you saw when the chart was current.

 

[jangroom]

Can someone clear something up thats bugging me like crazy!

Do you enter as soon as the arrow appears and the colors match or do you wait for the candle to close?
Im concerned that by entering as soon as the signals agree I may run into a repainting problem as has happened so many times in the past, particularly with Forex Profit Monster.

Many Thanks, Still digging my way through this humongus thread....

See below from original Sniper PDF


(9.) We ONLY enter a trade short when

ALL THREE trigger lines on the 1hr chart change colour

from ​

​

blue (Blue arrow) to red (Red arrow) and the histograms below the chart are red. If

you cannot see the arrows on your chart – zoom out. ​

​

This means that if the histograms are not

red at the time of the arrow, but some time later BOTH are red, then this becomes a valid
trade​

​

. Vica-versa for long trades. Do NOT wait until the end of the bar/candle to enter the trade,

enter precisley when all conditions have been met. Enter with the lot size according to your
money management strategy – placing a stop loss 5-10 pips below the most recent ​

​

blue dot in a

​

​

long ​

​

trade and 5-10 pips above the most recent red dot in a short trade (using the rules for

money management see (19.) below NB!!NB!!) ​

​

– exit when your trailing stop is hit or ALL 3

indicator lines on the chart change colour. i.e ​

​

an arrow in the opposite direction is the signal
to exit. See also (17. below)

Simon
​

 

[forexkunta]

Hey everyone,
It seems that a lot of questions that are being asked in this forum are things that are answered in the trading manual for Sniper Forex. I would urge everyone to please read the manual that comes with the system. It is imperative that you know the rules and follow them. This is a profitable system if followed precisely as it was intended by Gary. I have tried to dissect the system and make it better, and cannot. It is a great system as is. If you want to add to it, then follow the link on the website to the Elliot Wave International website, and learn all you can. But as for the system, everything you need to know to trade profitably is in the Sniper Forex Manual, and the other 2 ebooks that he provides. Yes, this system can be traded on any pair, Gary just prefers GPBUSD, and it works well on that pair. Let's try not to reprint the manual on this thread, because everyone that has the system, has the instructions. If you have a question, please try to search the thread with the search options, to make sure it has not been asked before. This thread was only about 50 pages 6 weeks ago when I came here, but has grown tremendously since, and I know it is hard to sift through everything. The search option really helps to make this thread a good reference source.
Regards,
Kent

 

[novation25]

hi im trailing this system via a demo account, could anyone tell me how to set up the email alerts in mt4, I have set up the email an tested ok, not sure how to get the indicators alerts to trigger email notification,


cheers

novation25

 

[forexkunta]

hi im trailing this system via a demo account, could anyone tell me how to set up the email alerts in mt4, I have set up the email an tested ok, not sure how to get the indicators alerts to trigger email notification,


cheers

novation25

Put your mouse pointer on one of the Sniper lines on your chart and right click your mouse, go into sniper properties, and set the alerts option to 1. Then will email you.
Kent

 

[gangsta1]

forex profit monster is not a problem the repainting.... I don't have their system but I have the PDF and they clearly say only to take action at the CLOSE of the candle...

her'es a quote from the site:

Every Forex Profit Monster indicator stays exactly the same on the chart once the candlestick closes. The only time an indicator will change is if it’s still on the “active” candlestick. Also, all of the Forex Profit Monster System trading decisions (except exiting at support or resistance) are designed to be made at the close of a candle. What this means is that you can back test the Forex Profit Monster System with confidence, knowing that what you see in the past history of a chart was what you saw when the chart was current.

Sorry mate but this is so far from the truth..I have tried both forex profit monster and forex day monster on the time frames stated in the manual and on others and even entering AFTER the close of a candle, they still REPAINT. It looks like a perfect system going over charts in the past, but use it in the present and you will get burned. Im sure someone here must vouch for me that FDM & FPM repaint like crazy, cmon guys!

 

[forexkunta]

Hey everyone,
I am not in any way trying to police this thread, but FMP has it's own thread, and this one is dedicated to Sniper Forex. Let's try to keep our discussion to the thread topic. I for one really don't care what FMP does as far as repainting or not. Dont use, never will.
Kent

 

[salvadorveiga]

Sorry mate but this is so far from the truth..I have tried both forex profit monster and forex day monster on the time frames stated in the manual and on others and even entering AFTER the close of a candle, they still REPAINT. It looks like a perfect system going over charts in the past, but use it in the present and you will get burned. Im sure someone here must vouch for me that FDM & FPM repaint like crazy, cmon guys!

you gotta explain to me how a candle that is already closed repaints :innocent:

just trying to be fair and square... but, as Kent stated FPM has its own thread

 

[gangsta1]

I see a few members recommend tp1 at 75pips and tp2 at 150pips...Is anyone using sniper using a trailing stop? From what I have studied so far, setting a Break Even at 30-40 pips and then a trailing stop would help cut losses from trades that dont run as expected...

Anyone got any advice?

 

[forexkunta]

I see a few members recommend tp1 at 75pips and tp2 at 150pips...Is anyone using sniper using a trailing stop? From what I have studied so far, setting a Break Even at 30-40 pips and then a trailing stop would help cut losses from trades that dont run as expected...

Anyone got any advice?

Personally, I use an instant trailing stop that is in a trade management EA with the settings as follows, 100 pip instant trailing stop, with a stop trail set at 125 pips profit.
With this setup I initially set the s/l as per the sniper stop, let trail to 125 pips profit at which point the trade has locked in 25 pips, and stops trailing the s/l. From that point forward I use the sniper stop. That way I will have a profitable trade if the pair makes 100 or better and reverses and hits the s/l. If it doesnt make 125 then the loss is much smaller, it it exceeds 125 then sniper is doing its job from then on. I really hate losses and this helps reduce those in the periods of perceived whipsaw, which is really nothing more than EW counted corrections and can be accounted for. Attached is the EA and instructions.
Regards,
Kent

P.S. I think I have provided this on an earlier post. Keep in mind that U.S. based brokers will not allow this ea to run properly because of the possibility of hedging functions.

 

[gangsta1]

I already have a order management EA which does the same (quick_trailing_EA).

So do you set break even at 100 pips and then lock in +25pips at 125pips?

Personally, I use an instant trailing stop that is in a trade management EA with the settings as follows, 100 pip instant trailing stop, with a stop trail set at 125 pips profit.
With this setup I initially set the s/l as per the sniper stop, let trail to 125 pips profit at which point the trade has locked in 25 pips, and stops trailing the s/l. From that point forward I use the sniper stop. That way I will have a profitable trade if the pair makes 100 or better and reverses and hits the s/l. If it doesnt make 125 then the loss is much smaller, it it exceeds 125 then sniper is doing its job from then on. I really hate losses and this helps reduce those in the periods of perceived whipsaw, which is really nothing more than EW counted corrections and can be accounted for. Attached is the EA and instructions.
Regards,
Kent

P.S. I think I have provided this on an earlier post. Keep in mind that U.S. based brokers will not allow this ea to run properly because of the possibility of hedging functions.

 

[forexkunta]

Yes, I stop trailing s/l when profit reaches 125pips, with 25pips locked in profit. That way if it is in a range, I make something instead of taking a loss. If the trend continues, then I use the sniper stop and continue with the trade to higher profit.

Generally 100 pip trailing s/l is much greater than the initial s/l set by sniper, so it usually provides the trade with the breathing room it needs.
Kent

 

[gangsta1]

From experience would you say that setting break even earlier, say at 50 pips, there is a risk of cancelling out potential long running trades?