Sniper Forex System

[wembleyboy]

Just started using Sniper and have enjoyed the experience so far !!!!

Managed to catch a large part of yesterdays up move on the GBPUSD !!1

One thing that is not clarified in the trading manual is that do we close long/short trade when the red/blue arrow appears or do we close when the red/blue arrow appear and the histograms at the bottom are both the same colour ??

 

[schweepus]

Just started using Sniper and have enjoyed the experience so far !!!!

Managed to catch a large part of yesterdays up move on the GBPUSD !!1

One thing that is not clarified in the trading manual is that do we close long/short trade when the red/blue arrow appears or do we close when the red/blue arrow appear and the histograms at the bottom are both the same colour ??

Hi wembleyboy,

As per the Sniper manual, and I quote -

'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.'

So you exit when the arrow appears. This histograms it seems are not used to signal an exit.

 

[wembleyboy]

Hi wembleyboy,

As per the Sniper manual, and I quote -

'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.'

So you exit when the arrow appears. This histograms it seems are not used to signal an exit.

Thanks for that !!!!

But what to do if it happens in the middle of the night?? Like last night it did with the GDPUSD 1H on sniper it showed as a red arrow in at 02.00 any thoughts ???

 

[schweepus]

Thanks for that !!!!

But what to do if it happens in the middle of the night?? Like last night it did with the GDPUSD 1H on sniper it showed as a red arrow in at 02.00 any thoughts ???

You don't really have many options unless you want to monitor the trade all night! From what I have observed the Asian session has a much narrower range than the London session so it's usually possible to close positions early in the morning before the London session starts if need be. Also, the trailing stop is there to protect your position when are asleep.

Your trading app may also have the option to allow you to set an automatic trailing stop if you are concerned about big moves during the Asian session but I haven't seen the need to use these yet.

 

[wembleyboy]

You don't really have many options unless you want to monitor the trade all night! From what I have observed the Asian session has a much narrower range than the London session so it's usually possible to close positions early in the morning before the London session starts if need be. Also, the trailing stop is there to protect your position when are asleep.

Your trading app may also have the option to allow you to set an automatic trailing stop if you are concerned about big moves during the Asian session but I haven't seen the need to use these yet.

I configured meta trader to fire off an email once an arrow is generated hopefully will not have to wake up too often to the sound of my crackberry going off while I snooze.

Very good point about trailing stop losses I do use them all the time...spread betting 101 have learnt that the hard way......haven't we all !!!

 

[Almandine]

Is the arrow an independent indicator, or it simply appears only if all 3 indicator lines in the main window changes their colour? Can I enter a trade, if there is not arrow displayed, but the colours of all indicators match?

 

[wembleyboy]

Is the arrow an independent indicator, or it simply appears only if all 3 indicator lines in the main window changes their colour? Can I enter a trade, if there is not arrow displayed, but the colours of all indicators match?

As far I see it you should see an arrow every all the bars change from blue to red.

If you are not seeing them then you should adjust the scale the right. left click on the mouse and move up and that should expand your bar and allow you to see the arrows.

If you can still not see the arrows then perhaps you have not loaded all the files into mt4?

 

[Almandine]

It looks like my arrow was too small and was hiding among the lines

 

[schweepus]

Jeez whip-sawed again on Cable H1! I think I will switch to H4 now as I'm getting fed up with the whip-saw. I'm going to give the latest Cable short trade a miss and wait for the H4 to signal an entry (if it does indeed occur).

I can see that H1 is profitable but the whip-saw is rather irritating. I think I'm better suited to a larger time-frame. I usually trade dailys on equities so the H4 for FX seems more in keeping with my existing style.

 

[forexkunta]

Jeez whip-sawed again on Cable H1! I think I will switch to H4 now as I'm getting fed up with the whip-saw. I'm going to give the latest Cable short trade a miss and wait for the H4 to signal an entry (if it does indeed occur).

I can see that H1 is profitable but the whip-saw is rather irritating. I think I'm better suited to a larger time-frame. I usually trade dailys on equities so the H4 for FX seems more in keeping with my existing style.

Well, the whip would still have gotten you on cable on this short. A rather unusually long candle of 300pips would have gotten even a daily s/l unless you had it set 2 lightyears back. lol
Kent

 

[schweepus]

Well, the whip would still have gotten you on cable on this short. A rather unusually long candle of 300pips would have gotten even a daily s/l unless you had it set 2 lightyears back. lol
Kent

Yes my S/L was hit and only lost around 20 pips. The small loss is not a problem for me it's the whip-sawing around that I would prefer to reduce if possible.

 

[forexkunta]

schweepus,
the 4H charts will definitely get you away from the whip, I have started trading strictly 4H charts as of Wednesday of this week. I too, have gotten tired of waking up 10 times a night and be physically exhausted over the 5 day trading week trying to keep up with things. Trading 4-6 pairs on the 4H will give you 6-8 alerts during the course of a week, mostly for me during decent hours, and I feel that the fewer trades you take may actually be better. You would be looking at days in a trade at times, but for the most part, less hands on. I got hit on my s/l on EUR/GBP earlier. I had the trade sitting at around 75 pips profit, with my s/l set at 25 pips profit. My s/l got hit and by the time it was honored by my broker I was 39 pips in the hole for a loss. I was not happy. Crazy comments by officials cannot be anticipated, but for the most part, news releases dont affect the 4H as much. If I want alittle more hands on at times I can trade cable or guppy on the 1H to satisfy my short term appetite.
Just my -39 pips,
Kent

 

[schweepus]

schweepus,
the 4H charts will definitely get you away from the whip, I have started trading strictly 4H charts as of Wednesday of this week. I too, have gotten tired of waking up 10 times a night and be physically exhausted over the 5 day trading week trying to keep up with things. Trading 4-6 pairs on the 4H will give you 6-8 alerts during the course of a week, mostly for me during decent hours, and I feel that the fewer trades you take may actually be better. You would be looking at days in a trade at times, but for the most part, less hands on. I got hit on my s/l on EUR/GBP earlier. I had the trade sitting at around 75 pips profit, with my s/l set at 25 pips profit. My s/l got hit and by the time it was honored by my broker I was 39 pips in the hole for a loss. I was not happy. Crazy comments by officials cannot be anticipated, but for the most part, news releases dont affect the 4H as much. If I want alittle more hands on at times I can trade cable or guppy on the 1H to satisfy my short term appetite.
Just my -39 pips,
Kent

Sorry to hear about your broker woes Kent I was trading EURGBP on the 1H this week and the whipsaw has been awful. However if I had been on 4H I would have been sitting on a nice +200 pips profit from last week. Well we live and learn

Like I said 4H suits me better for a few reasons. As you said less screen watching and wider stops which can absorb short term volatility (from pesky news releases) are all a good thing imho.

 

[forexkunta]

Sorry to hear about your broker woes Kent I was trading EURGBP on the 1H this week and the whipsaw has been awful. However if I had been on 4H I would have been sitting on a nice +200 pips profit from last week. Well we live and learn

Like I said 4H suits me better for a few reasons. As you said less screen watching and wider stops which can absorb short term volatility (from pesky news releases) are all a good thing imho.

I agree, but sometimes I will want a little short term fix, so can do that if I like, but longer trades less hassle.
Trade well,
Kent

 

[salvadorveiga]

wow you had s/l for +25 and got delivered -39 ? ouch... what broker you use kent?

 

[Hooya]

If any of you are still trading Sniper(obviously some are) I was wondering if you could post the two things you most like about it and thr two things you least like about it. I am looking to do a free review for an article and would be good to get an outside opinion or two.

Cheers

 

[forexkunta]

wow you had s/l for +25 and got delivered -39 ? ouch... what broker you use kent?

Yeah, I went to bed 30 mins before that happened. Gotta love it. I am using Forex.com UK. Can I tell you I was not happy.
Kent

 

[forexkunta]

If any of you are still trading Sniper(obviously some are) I was wondering if you could post the two things you most like about it and thr two things you least like about it. I am looking to do a free review for an article and would be good to get an outside opinion or two.

Cheers

Hooya,
I can't think of anything I like least. The system is as good a system as you are likely to find out there. It is really good at catching the trends, but like any system, the ranging markets are hard on it. Even on ranging, most times the stop outs are at a minimal pip loss.
Regards,
Kent

 

[salvadorveiga]

Hooya,
I can't think of anything I like least. The system is as good a system as you are likely to find out there. It is really good at catching the trends, but like any system, the ranging markets are hard on it. Even on ranging, most times the stop outs are at a minimal pip loss.
Regards,
Kent

That's why in order to avoid the whipsaws you need to buy my super dupper system for the low amount of 997 USD :cheesy:

do you want these?

Buy now! And only this weekend, I will make a one time life discount... since i'm a good friend what was 997USD you can have it for only 599 USD :clap:

 

[forexkunta]

That's why in order to avoid the whipsaws you need to buy my super dupper system for the low amount of 997 USD :cheesy:

do you want these?

Buy now! And only this weekend, I will make a one time life discount... since i'm a good friend what was 997USD you can have it for only 599 USD :clap:

Wooohoooo, where the hell do I sign up!