Sniper Forex System

[FormulaOneFan]

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.

Gary has put together brilliant system and as a beginner I find it extremely easy to learn and use. Well done and thanks to gary for such a wonderful system.

 

[forexkunta]

If you have to wait 15 hours for conditions to be met, then you probably don't want to be in that particular trade, anyway.

 

[forexsniper]

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?

I think that's a valid answer. You need to realise that Sniper is no more than a good trend follower...but it does follow price very well. It cannot predict the future...it can only "guess" what will happen based on the current trend. All the histograms do when they line up as well is to increase your probability that the trade will succeed.

 

[forexsniper]

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!

I'd be interested to know as well.

I'm guessing at this stage that using the 30M for entries should be used with caution. If you use the 30M for entries, does that mean if you're already in a trade now in the opposite direction on the 1H that you would exit early because the 30M told you to enter in the opposite direction?

The more options and rules for entries - the bigger the chance for uncertainty and mistakes. But I'm happy to be proved wrong if it works consistently.

I'm a fan of multiple time frames but only to confirm the overall trend.

 

[GumRai]

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.

If you have to wait 15 hours for conditions to be met, then you probably don't want to be in that particular trade, anyway.

Don't get me wrong, I can see the possibilities of this system, if you follow the rules.
What is not clear to me is exactly what the rules are. I don't know if there is a problem or not, but I don't understand exactly what an Entry alert is. If it doesn't alert you in the event that all conditions are met, it's not an Entry alert. So what is the point of it?

I received the alert at midday for the GBP/JPY H1 short at 155.26, it subsequently made a low of 154.53. So if I had gone short at the alert value and exited exactly at the low, maximum profit available would be 73.
You obviously made your trade using the M30 timeframe. It will be interesting to see if the M30 timeframe continues to work better for the GBP/JPY. Well done.

 

[forexkunta]

I basically just trade on the 30M chart, and use the 1HR s/l. If you have the live version of Sniper, the manual states that it can be traded on the 15M Chart and above. However, Gary recommends the 1HR.

 

[forexkunta]

Don't get me wrong, I can see the possibilities of this system, if you follow the rules.
What is not clear to me is exactly what the rules are. I don't know if there is a problem or not, but I don't understand exactly what an Entry alert is. If it doesn't alert you in the event that all conditions are met, it's not an Entry alert. So what is the point of it?

I received the alert at midday for the GBP/JPY H1 short at 155.26, it subsequently made a low of 154.53. So if I had gone short at the alert value and exited exactly at the low, maximum profit available would be 73.
You obviously made your trade using the M30 timeframe. It will be interesting to see if the M30 timeframe continues to work better for the GBP/JPY. Well done.

On the M30, the alert was at 10:44gmt, or 5:44am my time, it moved 117pips overall. I went in with 2 trades, 1 tp of 80, the other with an open tp. When the first hit tp, I moved the 2nd to breakeven +5, and waited for it to trend, trying to give it breathing room. That never happened and I stopped out at the +5. I find that it works for me, this way. I am certainly not trying to sway anyone to my way of thinking, just letting you know how I trade.
Kent

 

[forexkunta]

GBPJPY is trying to make a move down. Trade should be lining up on the 30min chart.

 

[forexsniper]

I basically just trade on the 30M chart, and use the 1HR s/l. If you have the live version of Sniper, the manual states that it can be traded on the 15M Chart and above. However, Gary recommends the 1HR.

I'm interested to know. Always open to new ideas.

So do you take all your entries and exits on the 30M, using Sniper defined entry and exit rules - but basically use the 1H S/L?

And do you scalp as well as follow?

30M will get you in earlier and our earlier as well as alot more "noise" than the 1H. Interested to know how you do it.

Thanks.

 

[forexsniper]

GBPJPY is trying to make a move down. Trade should be lining up on the 30min chart.

I'm still in on the 1H from last night...

 

[forexkunta]

I actually run a 30M and 1HR at the same time. I just like the earlier entry, wait for the 1Hr s/l to catch up to me and then run the 1hr chart from then on. I use Elliot Wave analysis to decide when to exit, based on wave counts. Works most of the time. When ranging, not so well. Just allows for some scalping. I also open 2 trades, one to follow trend and 1 to try to get 50-75 pips early.

 

[GumRai]

On the M30, the alert was at 10:44gmt, or 5:44am my time, it moved 117pips overall. I went in with 2 trades, 1 tp of 80, the other with an open tp. When the first hit tp, I moved the 2nd to breakeven +5, and waited for it to trend, trying to give it breathing room. That never happened and I stopped out at the +5. I find that it works for me, this way. I am certainly not trying to sway anyone to my way of thinking, just letting you know how I trade.
Kent

Interesting stuff, especially this idea of splitting the trade. This is certainly something that I will be considering. Keep the constructive info coming

 

[GumRai]

Kent,

I've ran back the 30M chart for the GBP/JPY and checked some random samples and I think that you are definitely onto something here. The system may have been designed for the GBP/USD H1, but it looks very accurate for GBP/JPY M30.
I see that the M30 has given you another bite at the cherry - hope that you got in on it.

 

[new2fx]

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?

sniper can be used both by people new to forex and those with experience.
It is specially good for novice traders because you don't need to use any Technical analysis
that requires discretion. Sniper does all the market analysis for you: just follow the rules for entry and exit. I,for one, will not have been trading live without sniper. I am glad I found out about sniper last year. After 1 year of demo trading , now I am trading live thanks to sniper.

 

[forexkunta]

Kent,

I've ran back the 30M chart for the GBP/JPY and checked some random samples and I think that you are definitely onto something here. The system may have been designed for the GBP/USD H1, but it looks very accurate for GBP/JPY M30.
I see that the M30 has given you another bite at the cherry - hope that you got in on it.

I did. Already closed 1 trade at 75 pips, up 73 on the other, and have added another that is up 11pips with a tp at 50. Just hope it keeps rolling.
Elliot wave wise, it looks like we are in wave 3 of 3 and is moving fast. Should have a good downside.

 

[GumRai]

sniper can be used both by people new to forex and those with experience.
It is specially good for novice traders because you don't need to use any Technical analysis
that requires discretion. Sniper does all the market analysis for you: just follow the rules for entry and exit. I,for one, will not have been trading live without sniper. I am glad I found out about sniper last year. After 1 year of demo trading , now I am trading live thanks to sniper.

What I find intriguing is that people have made excuses for other systems over the past year, blaming the unusual economic situation. You've been using this system for more than a year and have no need to make excuses.




Kent - glad you got in and made a bit on your deal :clap:

 

[FormulaOneFan]

As a newbie here I'm finding it hard to understand some of the terms used here.

S/L = stop loss?
30M = 30 minutes chart?

Also should I enter only when I get entry alert? i.e. the arrow? for example: following gpb/usd and I can see three red lines but the entry arrow was 11pm gmt. So I have to wait until I see the entry arrow?

 

[forexsniper]

As a newbie here I'm finding it hard to understand some of the terms used here.

S/L = stop loss?
30M = 30 minutes chart?

Also should I enter only when I get entry alert? i.e. the arrow? for example: following gpb/usd and I can see three red lines but the entry arrow was 11pm gmt. So I have to wait until I see the entry arrow?

Yes - that's correct:

S/L = stop loss
30M = 30 minutes chart

Sniper entry is when the 3 lines on the chart change to the same colour AND the 2 histograms are also all the same colour.

The current trade on both GBPUSD and GBPJPY was an entry from yesterday's session (on 1H charts). The trade hasn't exited on the 1H.

If you are following on the 30M charts, then you need to assess whether price has already moved too much on you or not. Maybe DK can give you his assessment on that.

 

[pircj]

As a newbie here I'm finding it hard to understand some of the terms used here.

S/L = stop loss?
30M = 30 minutes chart?

Also should I enter only when I get entry alert? i.e. the arrow? for example: following gpb/usd and I can see three red lines but the entry arrow was 11pm gmt. So I have to wait until I see the entry arrow?

In this thread sometimes s/l is referred to Sniper Lines also.
M30 is 30min. chart correct

 

[pircj]

I did. Already closed 1 trade at 75 pips, up 73 on the other, and have added another that is up 11pips with a tp at 50. Just hope it keeps rolling.
Elliot wave wise, it looks like we are in wave 3 of 3 and is moving fast. Should have a good downside.

Can you post some entry and exit levels and chart screenshots?