Sniper Forex System
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FormulaOneFan
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Does the snipper system work? Does it work for spread betting on forex or just forex trading?
Any advice please. thanks.
Any advice please. thanks.
it works for both. sniper gives you trading signals . it almost always capture the big trend. it is optimised for GBPUS 1HR chart.
forexkunta
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I mostly trade GBPJPY, with a little in GBPUSD. I usually trade whichever gives an alert first. That is almost always JPY.
It looks like my wave count was not correct. We should now be in the wave 2 correction. I made 85 pips on the first wave down. Hopefully this is now a correct count. I was counting on the 30M chart instead of the 1HR.
I trade the Sniper rules, except I take my entrys on the 30M chart. Gets me in a little sooner. I run the 30M s/l and let it stay stationary until the 1HR catches up to it, and then trail according to the 1Hr.
Kent
I think the owner of sniper Gary Pavkovich use it on spread betting account. Just ask him.
He will more than happy to answer you.
forexkunta
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Listed below are 3 entry's from Gary's Money management e-book that you get when you buy his system.
According to this, it sometimes requires you to abandon the Sniper Stop to take a win instead of a loss. You have to be the judge of when that would be.
9. Never ever refuse to take the loss and then let it turn into a bigger loss.
10. Never get out of a winning trade too soon. This often is what you want to do after you have taken a loss on a previous trade!
11. Never ever let a winning trade turn into a loser. This is a real morale killer.
According to this, it sometimes requires you to abandon the Sniper Stop to take a win instead of a loss. You have to be the judge of when that would be.
9. Never ever refuse to take the loss and then let it turn into a bigger loss.
10. Never get out of a winning trade too soon. This often is what you want to do after you have taken a loss on a previous trade!
11. Never ever let a winning trade turn into a loser. This is a real morale killer.
karl6666
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alerts
To me the alerts are all wrong. why alert me for something thats going to happen in 2-3 hours time, or already has. Surley the mechanics can be altered to alert pre- 15 minutes.
Why do i want an alert and sit and watch the screens for another 3 hours
K
To me the alerts are all wrong. why alert me for something thats going to happen in 2-3 hours time, or already has. Surley the mechanics can be altered to alert pre- 15 minutes.
Why do i want an alert and sit and watch the screens for another 3 hours
K
forexkunta
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Karl,
Watching a screen for hours is certainly up to you. For the money and for the results, you just cant beat Sniper. IMO
Kent
Watching a screen for hours is certainly up to you. For the money and for the results, you just cant beat Sniper. IMO
Kent
karl6666
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Kent, so what is the alert for then, i follow the rules of the game today and line everything up, the signal to short cable comes at 1300 gmt when it had just dropped almost 200 points and the fun was all over. Check it out, unless im missing something
K
karl6666
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Kent
forexkunta
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I have been trading Sniper for about 2.5 months, and I have been very bad about not following the rules properly. I have a bad habit of trying to make something that works just fine, work better. That is just a shortcoming I have. So, It has impacted my trading in a negative way. Last week I was up 360 pips, and today alone I am up around 100 on GBPJPY. I have also noticed the alert and an immediate retrace on the pairs this week, but that doesn't happen all the time. One way to overcome that is to go into trades based on the 30M chart. Gets you in sooner so that when the retrace comes, you stay in profit or go slightly negative. I am convinced that this is an excellent system, and I have been very careful to follow the rules lately, and am up for that. But rest assured, if you break the rules, it will break you!
I also generally just trade the system when I am awake and can devote the time to it. I dont like having to be a screen watcher either, so I just glance at the screen every few minutes when a trade is setting up, or am in a trade. If I miss it, there is always tomorrow. The markets are not going anywhere.
Kent
I also generally just trade the system when I am awake and can devote the time to it. I dont like having to be a screen watcher either, so I just glance at the screen every few minutes when a trade is setting up, or am in a trade. If I miss it, there is always tomorrow. The markets are not going anywhere.
Kent
FormulaOneFan
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Thanks for the post about snipper trading system. Is the sniper system only for advanced (i.e. doing forex trading many years) traders or can it also help beginners who are new to trading?
Great post Kent!
Can you give us an example of using 30M chart to get you in sooner and how you exit then. Maybe a screenshot...
Thanks!
Can you give us an example of using 30M chart to get you in sooner and how you exit then. Maybe a screenshot...
Thanks!
The arrows are sort of pre-alert, THE alert or entry signal when they all coincide.
Having a simple indicator to alert you when also bars signal entry and setting up emails in MT4 solves the "watching the screen for three hours"...
Having a simple indicator to alert you when also bars signal entry and setting up emails in MT4 solves the "watching the screen for three hours"...
I emailed Gary with my questions, and I'm not particularly impressed with the answer.
Part of my question to him.....
and his answer.....
He didn't address the issue of the difference between an imminent alert and an entry alert.
Common sense would tell you that an imminent alert is just that - "get ready, a trade is in the offing"
And an ENTRY alert is just that - "It's time, get on with the trade" otherwise why call it an ENTRY alert?
So what do we believe?
That an imminent alert is to inform you that there is a possible trade coming up
and that
An ENTRY alert is to inform you that there is a possible trade coming up
What is the point of an ENTRY alert if it doesn't alert you that it is time to trade?
Today at 5AM Uk time, there was an entry alert to go short on Euro/USD
Both histograms were blue
9 hours later 1 histogram turned red
and 15 hours after the short entry alert there was an entry alert to go long.
So are you really expected to watch the screen for hours after getting an entry alert to wait for conditions to be met?
Part of my question to him.....
and his answer.....
He didn't address the issue of the difference between an imminent alert and an entry alert.
Common sense would tell you that an imminent alert is just that - "get ready, a trade is in the offing"
And an ENTRY alert is just that - "It's time, get on with the trade" otherwise why call it an ENTRY alert?
So what do we believe?
That an imminent alert is to inform you that there is a possible trade coming up
and that
An ENTRY alert is to inform you that there is a possible trade coming up
What is the point of an ENTRY alert if it doesn't alert you that it is time to trade?
Today at 5AM Uk time, there was an entry alert to go short on Euro/USD
Both histograms were blue
9 hours later 1 histogram turned red
and 15 hours after the short entry alert there was an entry alert to go long.
So are you really expected to watch the screen for hours after getting an entry alert to wait for conditions to be met?
forexkunta
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Well, what I know is this:
When I went into the trade this morning on GBPJPY, an imminent alert came up, and within a few minutes, I got an entry alert, and all conditions were red. I got 86 pips, $860.00. Sometimes when the market is like it is right now, **** doesn't look right.
This week has been different, and things across the board has not really been trending, so the indicators are a little off. Things happen. Not always like this, but it is right now. If you are demoing and are not happy, then dont buy. I hate that you are demoing in this kind of market. I personally, am very happyn with Gary's system, and will use the hell out of it. The market doesn't owe anyone anything. We are just little fish in the pond trying to feed off of the scraps of the sharks (institutional traders), and if we are lucky and patient, things will work out.
