May I suggest that if you miss the ehntry point on a trade that it isn't necessarily lost. If you bring up a graph (not the metatrader graphs) for that pair and compare it on 1 min, 2 min, 5 min, 15 min and 30 min and look at the trend. You should be able to notice some continuation patterns. For instance, yesterday I missed the initial entry going short on cable in the evening however by finding the support line and following the trend there was a descending triangle. It came up to the line twice more and on the third hit I got in and thank you very much closed out on a target of 150 pips. Admittedly this needs a bit more work but if you are at your screen seeing you have missed the trigger it is worth spending another five minutes seeing what is developing. I similarly picked up on eurusd having missed the initial signal with a different continuation pattern. Admittedly thay don't always work but then again neither does Sniper.
Sniper Forex System
- Thread starter stevespray
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Strategy
If that is your strategy, yes, don't take it. You need to decide an entry strategy that you feel confident about. What I suggested is conventional, but it does not mean it will suit you. If you prefer it, just work on one timeframe. But using two or three can be very beneficial if you are keen to follow trends, and is likely to reduce the number of losses from whipsaw when there is an unclear trend.
And remember trading does not only involve trade entry, but as importantly (maybe more importantly) you need to consider an exit strategy. It is the exit which will determine your gain or loss. Furthermore the exit is much harder emotionally because there is money at stake while you decide what to do.
If that is your strategy, yes, don't take it. You need to decide an entry strategy that you feel confident about. What I suggested is conventional, but it does not mean it will suit you. If you prefer it, just work on one timeframe. But using two or three can be very beneficial if you are keen to follow trends, and is likely to reduce the number of losses from whipsaw when there is an unclear trend.
And remember trading does not only involve trade entry, but as importantly (maybe more importantly) you need to consider an exit strategy. It is the exit which will determine your gain or loss. Furthermore the exit is much harder emotionally because there is money at stake while you decide what to do.
Hi Sandy
What exit strategy are you using at present. I use a combination of target set at 3:1 reward risk but also a stop loss strategy that I think I shared with you before.
What exit strategy are you using at present. I use a combination of target set at 3:1 reward risk but also a stop loss strategy that I think I shared with you before.
As a general rule I am using a stoploss strategy, augmented with the Parabolic SAR indicator, but set back a little to widen the stop. Also adjusting to suit S/R levels. I hope evntually I will get to a position where I use the FX53 mimic method fully, rather than compromise with tight stops. Problem is I want to build my bank a bit first, and to avoids losses. But of course it is swings and roundabouts, the tighter the stops the more losers. But I am seeing more clearly that I might just do better by biting the bullet and going the FX53 mimic route 100%. I've never been good with targets, but the problem is mental not technical!! I'll learn.
I cannot tell you how glad I am to have managed to avoid losing bank by not following Concept blindly (I am still slightly better than break even having opened my first trade on 9 Jul), but you can never lie back on your laurels in this endeavour!! And I am very conscious that I have lost big in the past, and could very well do so again. Except that there isn't much big left to lose!! So is the only way up?
explorer626
Junior member
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Sandy, I'm assuming you are still talking about the set up where you got rid of the all indicators from sniper except the arrows? For this to continue, you must have bought into sniper, am I right? I've still got my demo running, but I am now strict in my trades - if I get an alert, if it doesn't fulfill all sniper criteria as well as 3 ducks approach, I don't trade it. The more I look at it, and the further into the thread I read, the more sense 3 ducks makes. Trying to get the mental thing right strikes a cord; I think this is the big problem in intraday trading. Watching the charts go up and down all day is just so scary, trying to keep the emotions in check when you see money slipping away is a nightmare. The EOD approach offered by FX53 is so much more appealing, even if the £700 price tag isn't.
The big question is - where is the biggest risk, trying to trade with my own novice plan which could swallow up £700 in the blink of an eye? Or give £700 to a stranger, but who does seem to have a system that could pay for itself in short period of time? Answers on a postcard please!
The big question is - where is the biggest risk, trying to trade with my own novice plan which could swallow up £700 in the blink of an eye? Or give £700 to a stranger, but who does seem to have a system that could pay for itself in short period of time? Answers on a postcard please!
The biggest risk is definitely in trying to develop your own system. Def. But then you do need to buy a system that does work, and which suits you as an individual. The latter issue is very important.
The guy who started the FX53 thread on T2W uses FX53, and says he has been successful with it. Join the thread, or maybe PM him.
Vaco
Senior member
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the problem with fx53 is the drawdowns, u think intraday trading p/l swings are hard to take, drawdown is much larger on an eod setup, can you sleep well knowing your position is down 200 pips. Also by its very nature you will have more losing trades then winning ones seeing as the stop is also the trigger for entry in the opposite direction.
Look at a chart and you will see it is not all trend its more trend range fake break range trend range trend and not in any set order. if your stop loss is the other side of the range then you are going to get burnt. I recommend an approach similer to that in the N.bomb thread in order to filter out some of teh fake breakouts and reduce the size of the stop loss.
Look at a chart and you will see it is not all trend its more trend range fake break range trend range trend and not in any set order. if your stop loss is the other side of the range then you are going to get burnt. I recommend an approach similer to that in the N.bomb thread in order to filter out some of teh fake breakouts and reduce the size of the stop loss.
Tommac,
well done.
how much capital did you start with and how much per point are you trading?
well done.
how much capital did you start with and how much per point are you trading?
I`ve been trying to focus on 4 pairs--GBP/USD, EUR/USD, USD/JPY and USD/CHF. I use a 60 pip stop loss on all trades. As for exits, bit dodgy on that . Trying for 50+. I normally use much smaller stops for trading generally but prices swing around at the moment and I kept getting stopped . I am doing hopelessly today by the way.
Me too - after reading about your gains with following exactly what sniper came up with, I relaxed my theory and did exactly the same. What a mistake and let down-nearly all of my trades have been stopped out for a loss, and if trading for real, would have wiped out all yesterdays gains. So much to learn!
Today has been awful with this system--Proof there is no real simple answer ( as if we didn`t know).
Just been stopped on USD/CHF. ( 30 pip Stoploss). For a loss of £150. ouch!
Hopeless in a choppy market is my conclusion. In a trending market without the chop do you need such a system anyway?
Just been stopped on USD/CHF. ( 30 pip Stoploss). For a loss of £150. ouch!
Hopeless in a choppy market is my conclusion. In a trending market without the chop do you need such a system anyway?
rossobonks
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Today has not been the best at all. It has been NFP day though which will make the markets very unpredicatable anyway. Most seasoned traders say dont trade NFP day full stop.
I am still watching various pairs and just out of interest....
alert on sniper at 13.26pm LONG GBP/JPY @ 187.50
1 HR later was trading at 189.39 now £5 a pip on that would have been a nice end to week!
After a week on demo I must say its a great tool to have and I will be buying into the system. I have also put quite a few MA`s , S/R lines and pivots onto the charts which can help a great deal too which trades the sniper indicator are worth a go at.
Dave
I am still watching various pairs and just out of interest....
alert on sniper at 13.26pm LONG GBP/JPY @ 187.50
1 HR later was trading at 189.39 now £5 a pip on that would have been a nice end to week!
After a week on demo I must say its a great tool to have and I will be buying into the system. I have also put quite a few MA`s , S/R lines and pivots onto the charts which can help a great deal too which trades the sniper indicator are worth a go at.
Dave
Dave,
r u an experienced trader? , Nice to hear some positive comments. When you add these additional indicators, are you still trading on 1 hr chart alone ? cause sometimes, from my experience, Gary's indicators lags other indicators , if i use 1 hr! how d u cope with this!, do you use it for exit and entry
also nfp day = None oF Positions will profit day
r u an experienced trader? , Nice to hear some positive comments. When you add these additional indicators, are you still trading on 1 hr chart alone ? cause sometimes, from my experience, Gary's indicators lags other indicators , if i use 1 hr! how d u cope with this!, do you use it for exit and entry
also nfp day = None oF Positions will profit day
samu2255--I did not mean to be totally negative but merely point out my experiences this week. Indeed just popped in to USD/Jpy on the strenghth of the system . 108.13 -108.41 at £10 a nice £280. Looks like could have had a bit more but £10 a point is getting a bit steep for me. Some great opps on nfp day if you`re brave/silly
