Sniper Forex System

[SandyW]

................I would like arrows like that.

As I said the arrows are simply Sniper. I only have them there so that you can compare them with the effect of following the white/blue bars. If you like the arrows, use Sniper, but Sniper rules say you must also use the Sniper histograms. I just thought you would get earlier entries and better exits by using the bars. The dots could be used as stops.

 

[wil68]

I played about with a very similar looking chart on Friday. No matter what I did, I couldn't get the dots as close to the chart, and I got fed up trying, however, if you were setting a pip target for each trade, taking profit as and when it was reached, re-entering if the trend still looked good, you could do worse than enter a trade when there had been a gap either, way with these dots. If my sniper demo gives up the ghost tomorrow, I'm going to demo trade a similar concept this week to see how things would average out. Maybe too simplistic I know, but every gap is followed by a sniper arrow. My only concern is picking the correct pairs to work with.

 

[pvisser]

What do you guys think when you see this chart? Tradeable?

BTW, the arrows are Sniper, just for comparison.

So how does Shark work then? As soon as you see one white bar you enter and long trade?

 

[SandyW]

So how does Shark work then? As soon as you see one white bar you enter and long trade?

Not Shark, just me experimenting. The white bars are simply Heikin Ashi candlesticks, if you hadn't noticed. As you can see they indicate trend. I simply noticed that some of the potential entries seem to occur earlier than Sniper (the arrows are Sniper arrows). The dots are parabolic SAR indicator, adjusted to get what looks like a more useful stoploss.

 

[pvisser]

I have asked this question before a couple of weeks ago but I don't think it got a reply to. Does the MT4 demo account live trades or are the prices distorted?

If the prices are accurate can I then run the indicators on a demo account and just enter the trades through spread betting? Would there be some logical reason for not doing so?

 

[tommac]

The mt4 demo is identical to live account. Yes you can run sniper on mt4 demo then place trades with whoever.

 

[gonnamakeit]

im a little stuck

im still demoing this ..but now spending a lot of time over this

today ive been concentrating on gbp/usd eur/use gbp/jpy usd/jpy

when i compare 1hr and 4hr im getting totally opposite signals....ive gone in on the 1hr frame and then it just goes the other way in the end...

can anyone offer me any advice


ps - taking the short signals on the 1hr late afternoon on both gbp/jpy usd/jpy at one stage i was up n total 300pips and now im down to 20pips and will get stopped out soon....not sure how to change to make it work better


thanks

 

[Trader333]

when i compare 1hr and 4hr im getting totally opposite signals.

Have patience and wait until they align.


Paul

 

[Vaco]

im a little stuck

im still demoing this ..but now spending a lot of time over this

today ive been concentrating on gbp/usd eur/use gbp/jpy usd/jpy

when i compare 1hr and 4hr im getting totally opposite signals....ive gone in on the 1hr frame and then it just goes the other way in the end...

can anyone offer me any advice

thanks

Imho,

Start with one pair only gbp/usd as this is what it is meant to be optimised for.

personaly i dont look at the 4h chart with this system i look at the daily chart. Draw your support/resistance lines on the daily chart or trendlines if like now we are in a strong move with no support resistance in sight.

When you get the signal on the hourly switch to the daily chart and ask yourself what you are doing with this trade.

For example on gbp/usd on the daily we are in a downtrend so i would only be taking short signals.

When you get into the trade you have to have a take profit target that you are happy with. Sometimes the target will be reached and carry on and you will wish you were still in, other times the target will be missed by a few pips and go back to your entry.

The best advice i can give you is to read mr charts thread on making money trading and possibly use a similer exit method.

Back to entry, if you get a signal on the hourly and the daily is range bound you need to ask yourself a few questions. for example if you get a long signal and the daily is at the top of the range you are looking for a breakout, how likely is this to happen? what is your profit target? how quickly will you move your stop to B.E. to protect your capital.

There is no getting away from the fact that this is not an automated system it is more of a guide to the trend and you will have to use your own technical analysis to make decisions. The more pairs you are looking at the harder this is so start with one and when you can make money demo trading that one go live with it and start demo trading another, some people can easily track and keep in tune with several pairs whilst others find it easier to manage one or two.

Dont be an action junkie

start with one and build your way up.

good luck

 

[gonnamakeit]

thanks a lot for your reply....so a few questions from that

1) so if u get a signal and the daily and 1hr dont agree u dont take the trade ? what if you took it possibly with a lower profit target in mind - ie scalping

3) so using your method you will only take trades if they agree with daily trend ?? how mant trades then are you able to take ?

3) at present i am taking all signals exactly from the instructions. so today i went long on gbp/usd and eur/usd - and both went down.....isnt this system about following the rules exactly

4) you mentioned you are using different stops and profit target then what sniper recommends...im using the massive stops of 80pips+ normally ....have u tailored it in any other way to suit better ?

5) do u always examine your s/r lines and ranges before u enter a trade. If daily and hourly matches so u still examine s/r etc or do u just enter ?

Thanks

 

[tommac]

My take on it-- I compare 15 30 min and 1 hour . If they are in agreement and colours match I then can go ahead BUT I only use it as a another guide.I am reluctant to hold positions overnight so possibly miss longer trends. It is NOT foolproof otherwise everybody would buy it and make money. A bad day today with it but good last week. I also use much smaller stops than recommended -just the way I work. works for me but not for everyone. Been at this lark over 20 years and still not found a foolproof system. I get by though.

 

[Vaco]

Gonnamakeit,

i'll try and answer your questions,

1, no i dont but thats a personal choice.

2, Have never counted or kept track, quality not quantity that counts.

3, If you are comfertable following garys rules exactly then do so, i prefer to tailor to my personalty.

4, my stop is the opposite end of the previous bar high/low. profit target varies from trade to trade and is what i think i can get out of the trade.

5 i always examine in order to set profit target.

I should remind you at this point that i am only demo trading and the above is only my opinion and in no way is garunteed to to be a profitable way to trade.

 

[gonnamakeit]

long signals yesetrday on gbp/usd and eur/usd would have been good.

never took them as they were against the dialy....

any thoughts ?

 

[rossobonks]

Yes quite right. Signals on GBP/JPY and EUR/JPY would have been perfect too netting well over 200 pips on each one but like you say they where against the long term trend at the moment which is DOWN!so i didnt take them either!! Oh hindsight such a great thing!

Maybe we are witnessing a trend reversal in the making for the dollar. Keep an eye on crude and gold they are the direction makers for alot of the currencies. Really cant see crude dropping much more than $100 a barrel can we?

Dave

 

[gonnamakeit]

so has anyone refined a technique for sniper which is working and profitible....also is anyone actually makeing decent points consistantly ( not on demo ) with this....??

 

[rossobonks]

I bought the system a week ago and to be honest I am still watching and making some paper trades which all seem to have made some decent returns. I will carry on doing more watching for a while longer until I can refine a technique using the system. I feel like I need to build more confidence in the sniper indicator to put real money trades. When you look back over the days alerts that sniper gives most of the trades would have netted healty profits but its all about confidence in the indicator. i also believe you need to get in early as possible and strictly when all the criteria are met.

gonnamakeit...are you running demo version or have you bought the system? How long have you used it for and what are your experiences?


Dave

 

[Vaco]

my trial expired today and i am very tempted to buy, I have found indicators which give similer signals but i miss the sound alerts which mean i dont have to sit at the screen, just turn the vol up and wait for the beeb, would have liked to do some more testing on it as well.

I dont believe that this is the end of the down trend read bsds thread on cycles http://www.trade2win.com/boards/general-trading-chat/38886-trading-cycles-their-implications.html

If you read and digest that then we should see some ranging next, will be interesting to see how well the sniper signals perform when this happens.

 

[rossobonks]

Yes the sound alerts are very handy.

With regards to abit of ranging I have been playing about with Sniper on the indices ( DOW n FTSE) which seem to have been ranging abit recently. I have tried dropping the timeframe on Sniper to the 5M-15M charts and drop the sniper value to 20 (less alerts). Seems to work pretty well especially on the DOW. Gives a nice 50-70 pip swing which sniper picks out quite well.


Dave

 

[Vaco]

rosso,

how do you get it to run on indices?

 

[keithh]

Hi all,
Over the past few days I have taken the time to read the thread and finally arrived to page thirty. An interesting read I must say. Congrats to all of you that have stuck with it.
On the back of this thread I have gone for the demo version. I generally trade the Ftse and like most with mixed results although up overall. Hence the search for something that can either aid my trading decisions of improve my skills at uncovering good trade signals.
The first trade I placed (paper) with the system was the GBPJPY which dually ended in profit. I have no previous experience with forex but then I had no experience of the ftse when I started.

Dave if you don’t mind I’m interested to know how you have used t sniper for the ftse as my demo version of MT4 (Alpari) only has forex symbols? Are using a different supplier of MT4 or am I missing something in Alpari.

Keith