Sniper Forex System

[forexkunta]

www.elliottwave.com has everything you need. Alot of free stuff to get you going.
Kent

Thanks Kent. I've been hanging back from trading this month so far. I'll be looking to get back in towards the middle of the month.
In the meantime, are there any good sources of reading/info you can recommend for the Elliot Wave theory? I'm interested to find out more. Dervish

 

[fx_eagle]

it looks like gary found the fountain of youth :cheesy:

take an eye on his foto in the website http://www.sniperforex.com/index.html

 

[nickohorny]

Hi Guys, just wondering if anyone trades sniper over longer TF? I work mornings 6 - 2pm now and so cannot be checking the 1 hour.. so what is my best option? does it still work ok on the 4H for instance?

Be good to hear who else uses sniper on more of a part time swing trade basis.

Cheers

 

[new2fx]

Hi Guys, just wondering if anyone trades sniper over longer TF? I work mornings 6 - 2pm now and so cannot be checking the 1 hour.. so what is my best option? does it still work ok on the 4H for instance?

Be good to hear who else uses sniper on more of a part time swing trade basis.

Cheers

Hi

Try using sniper stops only on daily charts . This a different way of using sniper that I am trialing now. If you have blue dots you are in an uptrend and red dots downtrend.
Wait for price to get closer to the sniper stops and enter in the direction of the trend.:smart:

 

[john225]

Is anyone using fixed Takeprofits ? Because i cant sit all the time in front of my computer.

 

[new2fx]

Is anyone using fixed Takeprofits ? Because i cant sit all the time in front of my computer.

you could take profit at the next S or R level.

 

[Vaco]

it looks like gary found the fountain of youth :cheesy:

take an eye on his foto in the website http://www.sniperforex.com/index.html

priceless

 

[forexkunta]

John,
I dont sit all day either. Try using a trailing s/l that is set to the # of pips between the current price and the sniper dot +10 pips. Works for me when I am out of the office and at night when I am asleep. Just check on it and reset it if needed, when you can.
Kent

Is anyone using fixed Takeprofits ? Because i cant sit all the time in front of my computer.

 

[wilczek]

All - not sure I can post a link but I will and if its removed - hey ho ! Anyway, those interested in purchasing sniper may save a few quid by reading the short thread below - so far - after limited exposure - seems to do what it says on the tin.

http://www.tradingsystemforex.com/commercial-manual-systems/20-sniper-forex.ht

 

[Vaco]

guys this is a trend following system, that means it works but just like any other trend following system you will have long periods of drawdows in choppy markets. The only way to make up for this is to make sure you don't exit early on the winners but ride them out instead.

I recently read an article on the turtle system applied and backtested on fx pairs over the last ten years. Again a breakout/trend following system.

Test was done on daily bars and all pairs were profitable but most had draw downs of up to 40% and some of the pairs had draw downs of 2 years before hitting the big winning trades.

Do you have the discipline to take the signals and hold on to the winners??

If not then this type of system may not be for you.

 

[forexkunta]

Hey Greenfield, how is the trading on Cable since the first of the year?
I am personally focusing only on Guppy.

 

[forexkunta]

Vaco,
Very well put. This is a good system, just have to get used to the pair you are trading, and be able to recognize the different types of corrections, that come after the trends. That only comes with experience.
Kent

guys this is a trend following system, that means it works but just like any other trend following system you will have long periods of drawdows in choppy markets. The only way to make up for this is to make sure you don't exit early on the winners but ride them out instead.

I recently read an article on the turtle system applied and backtested on fx pairs over the last ten years. Again a breakout/trend following system.

Test was done on daily bars and all pairs were profitable but most had draw downs of up to 40% and some of the pairs had draw downs of 2 years before hitting the big winning trades.

Do you have the discipline to take the signals and hold on to the winners??

If not then this type of system may not be for you.

 

[greenfield]

Hey Greenfield, how is the trading on Cable since the first of the year?
I am personally focusing only on Guppy.

Hello Kent,
This is only the second week of trading in January for me, so can't say too much. Up 135 pts on GBPUSD so far. My 'parallel' trade (TPs 115, 135, 160 pts) a/c is up 4.9%. For 6 days' trading, that's not bad, though early days for January obviously.

I've attached a chart showing pts gained/lost since April 2009, GBPUSD1hr. It might give a better idea, especially for people new to Sniper, as I think the bigger picture says a lot more than short term results.

I've been trading GBPJPY on the 1 hour chart since 9 December (after a lot of experimenting with other timeframes). Up 313 pts so far.. But just looking at January, down 94 pts.

As I say, early days, only 6 trading days. Not a bad start though.

 

[forexkunta]

Greenfield,
Are you still trading EUR/JPY? It has had a pretty good month so far.
Kent

 

[greenfield]

Greenfield,
Are you still trading EUR/JPY? It has had a pretty good month so far.
Kent

Hello Kent,
Strangely enough, I took the short on the 14th for 124 pts (a bit irrelevant, I suppose, but on a 4hr chart that trade would still be open – over 350 pts up.).

I don't trade it – that's the only time I've ever taken a EURJPY trade on a 1hr chart. It was a bit of an experiment. I did trade it, using small amounts, last year on a 4hr chart, but went through a spate of losses last May/June. That's when I decided to stick to GBPUSD 1hr as it has consistently come up with good results. I've only started trading GBPJPY 1hr since December after experimenting with different time frames from August.

Do you trade EURJPY? I wonder what the results would be over a period of time.

This present GBPUSD short is curious – it can't make its mind up! Up 69 pts at the moment.

 

[forexkunta]

I have been watching E/J over the last week or so, and looking back over the history, has been a good trender when G/J is ranging, and vice versa. I have decided to trade G/J exclusively this year and since making that decision, has been kicking my butt in this triangle that it has been in since the first of the year. If you look at the bottom trend line, it has been support for 5 times since the first of the year. It really should be getting done with the triangle pretty soon.
I took a short on E/J yesterday, and when it went to b/e, I took the short on G/J, and watched the G/J trade evaporate to a 7 pip loss this morning. I got gutsy and close to the top of the retrace, added an additional position on E/J. So far looks like a good move. Looking back over my history, G/J has been my most profitable pair, and I just like its bold moves. I will be watching E/J as an alternative when G/J is being nasty.
Kent

Hello Kent,
Strangely enough, I took the short on the 14th for 124 pts (a bit irrelevant, I suppose, but on a 4hr chart that trade would still be open – over 350 pts up.).

I don't trade it – that's the only time I've ever taken a EURJPY trade on a 1hr chart. It was a bit of an experiment. I did trade it, using small amounts, last year on a 4hr chart, but went through a spate of losses last May/June. That's when I decided to stick to GBPUSD 1hr as it has consistently come up with good results. I've only started trading GBPJPY 1hr since December after experimenting with different time frames from August.

Do you trade EURJPY? I wonder what the results would be over a period of time.

This present GBPUSD short is curious – it can't make its mind up! Up 69 pts at the moment.

 

[salvadorveiga]

Hello Kent,
This is only the second week of trading in January for me, so can't say too much. Up 135 pts on GBPUSD so far. My 'parallel' trade (TPs 115, 135, 160 pts) a/c is up 4.9%. For 6 days' trading, that's not bad, though early days for January obviously.

I've attached a chart showing pts gained/lost since April 2009, GBPUSD1hr. It might give a better idea, especially for people new to Sniper, as I think the bigger picture says a lot more than short term results.

I've been trading GBPJPY on the 1 hour chart since 9 December (after a lot of experimenting with other timeframes). Up 313 pts so far.. But just looking at January, down 94 pts.

As I say, early days, only 6 trading days. Not a bad start though.

awesome grapph my friend

As Vaco saaid, this is a TF system you'll have drawdowns but the returns to me make it very worth it.

Of course the period of 2 years he talked about are for daily timeframe... i guess if one is day trading the so far it seems a max drawdown of 1 month seems reasonable.

If someone is worried about too much choppiness spread the system along more markets... one market that is chopping another may be trending... or trade a lower time frame or an overbought, oversold kind of system... it's up to you how you manage the portfolio.

Anyways WHOS TAKING ADVANTAGE OF THESE MAJOR MOVES :clap::clap::clap:

I was thinking January was going to be pretty dull but this week has totally reversed my portfolio from flat (-1%) to being up +20% in January :cheesy::cheesy:

 

[forexkunta]

John,
This is the second reply to this post, I don't mean to beat a dead horse, but here is another option with a screenshot that I don't think anyone has ever used. I did this some months ago, and then turned it off because I didn't think it was needed. However, everyone complains about the time it takes for all indicators to match for an entry and having to sit in front of the screen waiting for the histograms to match, which can sometimes be many hours.
Here is my workaround.
#1 I have Sniper send an email to my Blackberry to alert me of trades.
#2 Since the Sniper Trend B is usually the last component to change color, and sometimes the wait can be very long, I have turned the alerts=true on in the Sniper Trend B options, which sends another alert to the screen when the trend color changes. It sends a parabolic change alert, which is different than the regular sniper alert, so knowing this lets you know that the histograms came into alignment, and you need to get to your computer asap.

Hope this helps with the complaints.
I have added a screen shot of the Sniper Trend B options window so you will know what I am talking about. You can get to this window by right clicking on the trend b with your mouse and going to options.
Hope everyone has a good weekend,
Kent

P.S. Added an example of the Trend B alert to this post.
Also, if you look at the pair price value on the trend b indicator, it will give you the price at which the trend b will change directions.

Is anyone using fixed Takeprofits ? Because i cant sit all the time in front of my computer.

 

[new2fx]

hello snipers!

I would like to share my ideas about sniper. Among sniper indicators I find sniper stops to be among the most important one. DO NOT ENTER A TRADE UNLESS SNIPER STOPS CHANGE COLOR IN THE DIRECTION OF THE TREND.
In fact you can trade with sniper stops alone.
Always check the sniper stops on the 4hr time frame. If you have more screen time you can wait for price to get closer to the stops and enter in the direction of the stops.

 

[forexkunta]

New2FX,
I really fail to understand your methodology using just Sniper Stops alone. If you traded the setup like you show it on your chart, you gave up around 200 pips profit waiting for the price action to get close to the dots, to make around 100 pips, on the long entry. You would have already have had around 150 pips profit locked in place.
By my EW count, you entered at the beginning of wave 5, which is the absolute last place I want to enter a trade, unless I have a lot of profit already locked in from the beginning of the move. I think that in the long run, u will have more losses than wins, but, you may trade the way you think best. Just be careful with that.
And also keep in mind that when you start stripping the majority of the indicators out of a system, you are no longer trading that system, but one of your own creation.
Regards
Kent

hello snipers!

I would like to share my ideas about sniper. Among sniper indicators I find sniper stops to be among the most important one. DO NOT ENTER A TRADE UNLESS SNIPER STOPS CHANGE COLOR IN THE DIRECTION OF THE TREND.
In fact you can trade with sniper stops alone.
Always check the sniper stops on the 4hr time frame. If you have more screen time you can wait for price to get closer to the stops and enter in the direction of the stops.