Sniper Forex System

[forexkunta]

I use RSI for confirmation with a period of 14, and use EW to choose a time to get out based on wave formation. No, I dont take every trade. I only enter trades between 0000gmt and 1600gmt. As the instructions for Sniper state, trade the pair during the times of the most relevance. Late Toyoko session is when GPBJPY usually gets kicked off, and I stop entering trades after the London close. Each pair has it's best trading times. I'm up around 410 pips for the last two weeks. Just seems to work for me.

 

[greenfield]

GumRai - I can't see any short signals on the GBP/JPY 1 hour today. I took the long this morning at 154.48, and was stopped out for 82 points. I took the long on the GBP/USD last night at 6341.4 – 2 trades, 1 a 75 pt scalp, and the other still open, 214 pts up at the moment. I don't trade the EUR/USD with Sniper as I haven''t found it successful. I suppose we should always remind ourselves that the system recommends trading GBP/USD 1 hour.
Bye,

 

[forexsniper]

I use RSI for confirmation with a period of 14, and use EW to choose a time to get out based on wave formation. No, I dont take every trade. I only enter trades between 0000gmt and 1600gmt. As the instructions for Sniper state, trade the pair during the times of the most relevance. Late Toyoko session is when GPBJPY usually gets kicked off, and I stop entering trades after the London close. Each pair has it's best trading times. I'm up around 410 pips for the last two weeks. Just seems to work for me.

Likewise, I only take trades between 6am (London time) until the NY close. I only trade GBPUSD.

For GBPJPY, do you take every trade between Tokyo close and London close, or are you selective even between this time frame?

Sniper is excellent at following price. I try to stick to Gary's rules as closely as possible and it works for me. The only frustrating for me is that when price is not trending, you can get stuck in chop which eats into previous gains.

Looking at RSI and GBPUSD over the past few days, if I only took the trade, eg Long when Sniper confirms and RSI > 50, I'd have missed out on some good trades. Or am I interpreting how you are using the RSI?

I've tried using the ADX indicator as a confirmation for Sniper signals with some success.

 

[forexkunta]

I dont take every trade that comes along. If I can confirm with EW that the trade is a good one, I will take it. If I cant confirm with wave counts, I hold off until I can confirm. I have lost my butt on the ranging thing, and I would rather set out, than lose often. The markets are not going anywhere anytime soon, and I would rather wait and be sure. but that is just my preference. $4300 in the last week cant argue with that. When the pairs are trending well, a complete cycle happens every 2-3 days. I can wait. I have learned patience with Sniper and EW. Sometimes a good trade is no trade at all.

 

[GumRai]

GumRai - I can't see any short signals on the GBP/JPY 1 hour today. I took the long this morning at 154.48, and was stopped out for 82 points. I took the long on the GBP/USD last night at 6341.4 – 2 trades, 1 a 75 pt scalp, and the other still open, 214 pts up at the moment. I don't trade the EUR/USD with Sniper as I haven''t found it successful. I suppose we should always remind ourselves that the system recommends trading GBP/USD 1 hour.
Bye,

I must apologise , I meant the USD/JPY, not GBP/JPY - sorry to confuse the issue.
Happy to see you made some profit on the GBP/USD investment

Actually, the trades highlighted by sniper with the EUR/USD, are pretty close to what I would do myself. Swinging inside a tightened bollinger and looking for the breakout. Can give good gains when you get it right.

 

[forexkunta]

I have also learned that during the right hours, Sniper is very accurate. Since around 1600gmt today, the market has just kind of gotten lazy on all pairs. Right now I am stuck in a trade that I took around 1745gmt with a constant drawdown of around 25pips. I have used Sniper enought to wait out the trade, and if it doesnt go with me, i have a stoploss set. If it does then, I am in profit. There is always tomorrow. The trade is on EURJPY, and at the present time on the 30M chart the pair is in a descending triangle, and I expect a breakout of the trendlines, within the next couple of hours. If my analysis is correct, It will breakout on a short and I will win. If not, the markets win. That will happen at times. Just part of the process. The reason I like GBPJPY, is it doesnt range as much as the other pairs, and the pippage is much better. I will take all trades I am awake for between 0000gmt and London close.

 

[forexkunta]

Well, the trade finally broke out of the trendline, and the market won!

 

[GumRai]

Sorry about that DK, unfortunately you can make income everytime.


Another question for you who have been using this system for a while.

From the instructions that Gary supplies..............

In the example above I used the GBP/USD which often has greater profit potential than many of
the other currencies. This is the currency and timeframe I recommend, from 06:00 GMT
until 22:00 GMT

So what do you users take this to mean? Only enter a trade between 6AM and 10PM or close all trades at 10PM and reassess at 6AM the next day?
I interpret it as letting open trades run, but do not enter new trades outside of these times.
The exception is close of trade on Friday due to possible opening gap working against you after the weekend.

 

[forexsniper]

Sorry about that DK, unfortunately you can make income everytime.


Another question for you who have been using this system for a while.

From the instructions that Gary supplies..............



So what do you users take this to mean? Only enter a trade between 6AM and 10PM or close all trades at 10PM and reassess at 6AM the next day?
I interpret it as letting open trades run, but do not enter new trades outside of these times.
The exception is close of trade on Friday due to possible opening gap working against you after the weekend.

I've spoken to Gary previously to confirm this and it basically means no new trades outside these times (even if Sniper signals news trades). Keep existing trades open, but if Sniper signals an exit or stop is hit, exit.

 

[forexkunta]

I've spoken to Gary previously to confirm this and it basically means no new trades outside these times (even if Sniper signals news trades). Keep existing trades open, but if Sniper signals an exit or stop is hit, exit.

I also have spoken with Gary, and he confirmed that with me also. He also states that you should trade the hours most relevant to a pair, so with GBPUSD that means 6gmt to 2200gmt. I have found that I really dont like getting into a trade on this pair after about 1700gmt. But that is my personal preference.

With GBPJPY the hours are extended before that to include part of the Asian session.

 

[new2fx]

I see a short sniper signal on GBPUS 1hr chart on 19 aug @ 4gmt. But the RSI is above 50.
So it is best to wait RSI to be below 50 . I believe by the time the london market opens GBPUS will go down.
DK do you trade real or demo?

 

[new2fx]

new2fx, what lot did you use with 1570$ deposit. Did you increase your lot twice when your deposit became 3140$?

When I had 1570$ in my demo account I was trading with mini lot. When the money increased to 3000 $ I was trading with 1 Standart lot. I never traded more than 1 STD lot.

 

[forexkunta]

I see a short sniper signal on GBPUS 1hr chart on 19 aug @ 4gmt. But the RSI is above 50.
So it is best to wait RSI to be below 50 . I believe by the time the london market opens GBPUS will go down.
DK do you trade real or demo?

Both, I trade demo alot to hone my skills and try different ideas. Those ideas dont do near as good as Gary's on Sniper.

 

[new2fx]

short signal on sniper 1hr charts GPBUS AND GBPYEN @ 1:45 GMT
ENTRY AT GYEN @ 155.88
GBUS @ 1.6503

 

[GumRai]

short signal on sniper 1hr charts GPBUS AND GBPYEN @ 1:45 GMT
ENTRY AT GYEN @ 155.88
GBUS @ 1.6503

GBP/USD signal was outside of the time boundaries, but anyone who did place the trade would have been stopped at 1.6545

GBP/JY still live and kicking though

 

[new2fx]

GBP/USD signal was outside of the time boundaries, but anyone who did place the trade would have been stopped at 1.6545

GBP/JY still live and kicking though

I am up over 100 pips with 2 mini lot

 

[pircj]

GBP/USD signal was outside of the time boundaries, but anyone who did place the trade would have been stopped at 1.6545

GBP/JY still live and kicking though

Cable was reentry after signal given during the Asian session. Reentry at approx. 1.6501, SL at 1.6555 (10 pips above Sniper stop signal), reentry signal was within 30-50 pips from the original signal, so it is a valid signal.

Please correct me if I am wrong.

New2Fx, you are risking a lot, trading 1 lot with 3kUSD - usually stops are around 50pips, meaning 500USD ~ 16% of your equity?!? Very risky for me...

 

[new2fx]

Cable was reentry after signal given during the Asian session. Reentry at approx. 1.6501, SL at 1.6555 (10 pips above Sniper stop signal), reentry signal was within 30-50 pips from the original signal, so it is a valid signal.

Please correct me if I am wrong.

New2Fx, you are risking a lot, trading 1 lot with 3kUSD - usually stops are around 50pips, meaning 500USD ~ 16% of your equity?!? Very risky for me...

pircj, that was on my demo account last year. I started with 3000, lost half of it with one bad trade, brought it back to 3000$ and then started trading 1std lot until the account increased to over 18000$. I was trading GBPUS ONLY.
Of course we take more risk because it is not real money. I will not take that kind of risk on a real acc

 

[fajko]

The entry point today was at 07:30 GMT

is this correct ???

 

[GumRai]

Cable was reentry after signal given during the Asian session. Reentry at approx. 1.6501, SL at 1.6555 (10 pips above Sniper stop signal), reentry signal was within 30-50 pips from the original signal, so it is a valid signal.

Please correct me if I am wrong.....

...

Sorry, I checked the chart at around 6AM and there was still 1 blue bar, so I didn't go for it. Later when I checked again and there were 2 red bars, I decided that the price had already gone out of range. I didn't know when both bars turned red again
That's the problem if you can't monitor it all the time

Good for you for getting in on the trade - coming up to 100 pips now :clap: