Sniper Forex System

[forexkunta]

Well, I know this much. Whatever Gary is doing, does not matter. I bought this system last June, and I am still using it. I always come back to it after getting sidetracked trying something else. The pair that I trade on is profitable, with this system. Experience is paramount. Until you get it, it does not matter what you do. Experience with the pair/pairs that you trade is of the utmost importance. I prefer only 2, both JPY crosses. Where a person takes profit, and how, is of no concern. I know how I do it and that is all that matters to me. I have taken the system, and made it mine. I have seen this too many times to count. "Find a system and make it yours." If you don't like this one, then move on. Every pair has it's good times and bad in every year. With enough time, you can recognize when that is happening and take whatever steps needed to keep losses to a minimum. I think Greenfield will agree. He has not wavered since last April, and is profitable. You have to make up your own mind and go from there.
Regards,
Kent

 

[Vaco]

out of curiosity do you guys hold overnight or not?

 

[ovlov]

All, I am new to FX and this forum so be gentle please.

Been running with SF for about two months now and although started fairly well am taking a battering in recent two weeks.
Still getting to grips with charting and am not coming out of some trades early enough!

I am using MT4 and have read that you can send the expert indicators alerts to an e mail address - I am of reasonable tech ability but cannot get it to work for my sky e mail account has anynone on here managed this.
I get as far as filling in the SMTP server, login etc but am clearly not inputting it right. Does anyone have the sky SMTP server, login, password etc as per the tab that you find in tools options email on MT4.

Would be really grateful if anyone can help.

OVLOV

 

[forexkunta]

I do, when warranted by a trend. But bear in mind, I am in the US, so the London session is overnight for me.

Regards,
Kent

out of curiosity do you guys hold overnight or not?

 

[salvadorveiga]

you guys should have a look at the pair USD vs Singapure dollar... From what I can tell, it's history is low volatility and nice rideable trends more often than not. I'm adding this one to my portfolio....

 

[john225]

Which broker do you use because fxdd hasnt singapure dollar how is the shortcurt of that pair?

 

[salvadorveiga]

USDSGD ... Alpari UK has it. I didn't check the 1H charts but only position trading or swing trading... but did encounter a lot of trades with 6:1 even a few 10:1 reward risk ratios.

The volatility seems constant aroind 70-100 pips this in H4 charts so a stop of 70-100 pips, on a good number of trades rakes 300-400 pips ... and a few more around 700+ ...seems like a nice pair.

And the spread doesn't look so prohibitive... 5 pips spread.

 

[chk56]

Thanks for the hint, Sal. I had just a look at it and it seems to have made a new high on the H4 chart, and is now heading south, though Sniper has not signalled it yet.

The usual pairs for Sniper actually don't show nice trends, so we really will have to look for other pairs..

 

[new2fx]

I am looking to buy this 3 pairs who are close to their historical lows: EURAU, EURCAN, AND EURCHF . Waiting for Thursday and Friday news.

 

[Vaco]

I do, when warranted by a trend. But bear in mind, I am in the US, so the London session is overnight for me.

Regards,
Kent

the only reason I ask is that if you are not holding for more than 1 uk session you should be aware of how much of the daily range has been completed before taking the signal.

For example if you got a signal to go short yesterday on cable but it had already gone down 150 on the day, I would be inclined to say don't take the signal as it is more likely that the move has run out of steam.

 

[forexkunta]

I would normally agree with you on that point, and I watch that if I am trading cable, which I don't. However, that is not always the case. Had I not taken a trade on a jpy cross yesterday, I would have missed the 500 point move in that 24 hr period. I think that price action actually dictates when to take a trade. You can almost always take it to the bank, that after the London close to the London open, Cable moves very little, but not always. The last 3 days Cable has been on the move nonstop. Guppy, however, doesn't fit the same mold, and if I had gone by the adr on it yesterday, which was around 170, by the time the 1600gmt bar hit, it had already moved over 200 pips, and then went another 300+ on the 3rd of a 3rd wave. I find that the EW count is going to move correctly no matter the adr for any given day. If a trend develops and lasts 4 days, I will be in it for the duration.
Regards

the only reason I ask is that if you are not holding for more than 1 uk session you should be aware of how much of the daily range has been completed before taking the signal.

For example if you got a signal to go short yesterday on cable but it had already gone down 150 on the day, I would be inclined to say don't take the signal as it is more likely that the move has run out of steam.

 

[greenfield]

I hope people have had success taking the most recent Sniper signals. It's been like a breath of fresh air, especially after the recent performance – I had a run of 8 losses in December.

I've (part) closed the 4th of a run of wins, notching up a gain of 466pts. Wednesday's short made 336pts. Pity I had some TPs, closing trades way too soon, but the ATR suggested that this would be wise.

Wednesday's GBPJPY short was stopped out at 311pts, with a range of TPs between 100 and 500 (the 500TP wasn't a TP as such – I entered 500 as a trade to run its course, not for one moment thinking it would actually get that far!).

So, here's looking towards lots of big moves over the coming weeks and months!

 

[forexkunta]

Greenfield,
I am wondering, is the area between the vertical red lines on this chart where you took the 8 straight losses?
Kent

I hope people have had success taking the most recent Sniper signals. It's been like a breath of fresh air, especially after the recent performance – I had a run of 8 losses in December.

I've (part) closed the 4th of a run of wins, notching up a gain of 466pts. Wednesday's short made 336pts. Pity I had some TPs, closing trades way too soon, but the ATR suggested that this would be wise.

Wednesday's GBPJPY short was stopped out at 311pts, with a range of TPs between 100 and 500 (the 500TP wasn't a TP as such – I entered 500 as a trade to run its course, not for one moment thinking it would actually get that far!).

So, here's looking towards lots of big moves over the coming weeks and months!

 

[greenfield]

Greenfield,
I am wondering, is the area between the vertical red lines on this chart where you took the 8 straight losses?
Kent

Hello Kent,
Yes, exactly. All we need now is a system to stop us getting into these trades!

 

[forexkunta]

Well,
There is a system. After about the 4th one, I realized that Cable was in a triangle correction, due to EW analysis, and pulled back until it broke out. Also, I don't know if anyone has realized this, but when a trend is complete, Cable and Guppy will retrace almost exactly 50% of the trend, before it goes into another. Really helps to set t/p on correction trades. On market open tomorrow, I will be going long, with a t/p of 50% of the move down. This is also a Fib sequence based on EW analysis. Good thing to learn, and right now elliottwave.com has a free week going until Wednesday on their currency services.
Regards,
Kent

Hello Kent,
Yes, exactly. All we need now is a system to stop us getting into these trades!

 

[forexkunta]

My point of recognition was at the green vertical line. I also knew that it had 3 or 4 more bounces on the top and bottom trendlines before it would breakout, which it did long, which was according to EW guidelines. It is pretty accurate on probabilities. Trading that triangle became setting a stoploss about 15 pips above and below the trendlines and 15 pips or so inside the trendlines to take profit. Once you understand the type of correction, and how to trade it, you stop taking those long strings of losses, or you can just sit out until you see a breakout of the triangle, which is generally what I do. I just don't have the time to sit and watch for days as a triangle unfolds.

Kent

Hello Kent,
Yes, exactly. All we need now is a system to stop us getting into these trades!

 

[forexkunta]

Here are a couple more examples of triangle corrections on Guppy, the last pict. was in January. One triangle jumped into another, the first being a descending, the second being an ascending. That kind of correction is just a little unusual. But as you can see, when the correction is complete, it breaks out into a rather large move. Guppy is just a little better on the triangles, due to it large daily moves, and is easier to trade because it moves further, and gives the stop dots more time to come into profit. I also am showing these examples on the 4H chart because they are easier to see there.

Well,
There is a system. After about the 4th one, I realized that Cable was in a triangle correction, due to EW analysis, and pulled back until it broke out. Also, I don't know if anyone has realized this, but when a trend is complete, Cable and Guppy will retrace almost exactly 50% of the trend, before it goes into another. Really helps to set t/p on correction trades. On market open tomorrow, I will be going long, with a t/p of 50% of the move down. This is also a Fib sequence based on EW analysis. Good thing to learn, and right now elliottwave.com has a free week going until Wednesday on their currency services.
Regards,
Kent

 

[greenfield]

Hello Kent,
Some food for thought there. My concern would be, in waiting for the 'triangle correction' to complete, that I might miss the breakout. The present large move is presumably news-related; waiting on the sidelines and missing it would have hurt.

I must admit that, less a great knowledge of technical analysis, rather a gut feeling led me to stop trading my 'parallel trade' early in December, finishing with a gain for December. However, I carried on with my 'follow the rules' trading (with a 4 week break as suggested by Gary). Even so, my 'follow the rules' trading, since April, still shows some very healthy gains.

 

[forexkunta]

I am certainly not going to kick your method, or discipline. You definitely have both, and your kung fu is good. lol
In trading those triangles, once you know the rules and guidelines, then you can count the triangle and pretty much know when the break is coming. But, to each his own. Elliott Wave fascinates the hell out of me. I have watched Bob Prechter make calls about the Dow and the different mindsets of the masses in the US and he has been spot on so far. That makes me a believer in his method. He called the turndown in the DOW on the 14th of January, and within 5 days, it hit his projection target. We will be seeing alot of shorts going forward. Of course, the move up that Cable is doing is an a-b-c correction of the move down from last week, which was in fact a 5 wave move down. I have set my t/p at 1.5812 on cable and 141.74 on guppy, and I fully expect to hit it or come extremely close. I will keep you updated. The gap down in cable and guppy sure made for a tighter s/l than I was anticipating, and so far is up a good bit.
Happy trading this week,
Kent

Hello Kent,
Some food for thought there. My concern would be, in waiting for the 'triangle correction' to complete, that I might miss the breakout. The present large move is presumably news-related; waiting on the sidelines and missing it would have hurt.

I must admit that, less a great knowledge of technical analysis, rather a gut feeling led me to stop trading my 'parallel trade' early in December, finishing with a gain for December. However, I carried on with my 'follow the rules' trading (with a 4 week break as suggested by Gary). Even so, my 'follow the rules' trading, since April, still shows some very healthy gains.

 

[forexkunta]

Greenfield,
Here is another example of a triangle correction that is currently in progress on GBP/JPY and the count that is associated with it. It should bounce off of the top trendline at 139.91 and breakdown into wave 5 with a pretty healthy decline. Once I have made sure that the bounce is valid, I will go short with another position with a very tight s/l of 15-25 pips. You just can't get any higher probability trades than this. The risk reward ratio should be somewhere around 1:10 or better.

And yes, I was off on the wave count for the correction targets yesterday. I have only been using EW analysis for about 6 months, so I do get bad counts.
Regards,
Kent