Sniper Forex System

[rossobonks]

Hi I downloaded this and put it in
C:\Program Files\MetaTrader - Alpari UK\experts\indicators

but can't seem to access it, have I put it in the wrong place?

EDIT : Ok, I restarted Alpari and there it is - sorry, I'm a computer numbskull!

You need to put it into the Experts folder and then access it from the navigation button. Drag and drop it onto your chart.

Its an EA and not an indicator.

Dave

 

[FormulaOneFan]

You need to put it into the Experts folder and then access it from the navigation button. Drag and drop it onto your chart.

Its an EA and not an indicator.

Dave

hello dave,

I tried it and all it says is "initiated and running......" and on top right it says "Sniper Forex EA Alerter " with a frown face. The dot next to running seem to suggest it is trying to load and still loading.

Under the navigator your EA is grey color.

Any ideas?

 

[forexkunta]

hello dave,

I tried it and all it says is "initiated and running......" and on top right it says "Sniper Forex EA Alerter " with a frown face. The dot next to running seem to suggest it is trying to load and still loading.

Under the navigator your EA is grey color.

Any ideas?

Is your Experts button on the toolbar red or green? It should be green.
Kent

 

[rossobonks]

When the EA is grey under the Navigation menu it means there is no source code to the EA (MQ4 file).

Has anybody achieved any backtesting results from this EA yet? Looking through the Journal its picking the entry points out perfectly.

Keep up the good work Jerry.


Dave

 

[ougoah]

Is anyone else holding a GBPUSD short over the weekend?

 

[salvadorveiga]

Hello pircj,
I promised to post the results of my trading sniperforex since 14 April. It works out at 24 pts a day, 20 pts per trade (92 days/112 trades).
I mentioned in a previous post that I had been looking for a system to help 'hold my hand' while learning the basics of technical analysis, trading etc. I've tried quite a few systems – I think most I've come across are scams.
I noted the results on the sniperforex website and I thought I would see if I could replicate these levels of results. There's quite a few systems out there promising very impressive results, but when you get down to it you realize that they're a con. With sniper, I've tried a few variations and still do, but I've decided throughout this period to stick to the system as Gary recommends – GBP/USD on 60 mins. During this time, I can say that the results I've come up with, while not the same as on the website, are not far off. The results are good enough for me to carry on - i.e. trading exactly as the rules.
Out of 112 trades, 56 were wins, 56 losses. Some of the wins were quite impressive - 374, 270, 470, 240 and 195 pts. But there's also the losses. Some people may become a little despondent faced with 4 or 5 successive losses. Throughout this period, the results have certainly not been 'uniform' – during June I was averaging 75 pts a day, whereas during July I was only just in positive territory. So it's certainly a system for the long run. As far as I can see, sniper does exactly 'what it says on the tin.'
As I mentioned in a previous post, I take out 2 trades each time, scalp on one and exit the other when the system dictates. I've just started trading GBP/JPY with Sniper. I've obviously only got a few results so far, but I think it is even more important with this pair to have the same approach – I've seen some huge profits disappear.
I must point out – perhaps it's possible to question how statistically significant is a list of 112 trades. Obviously, it's all I've got. If there's anyone else out there who can give us any other figures, please do. Also, throughout this period, there have a few trades missed – I've tried to calculate as best as possible where the trade would have been entered.

That's good – I set an 80 pt scalp on this morning's GBP/JPY long – it's just gone through!
Bye,

well, take the average of the winners and the average of the losers and see what's the ratio between them... i bet it is around 2.

Any system with that ratio can turn you rich overtime if you don't break it...

Expected payoff = 1 - 0.5 = 0.50$ per dollar risked. with a 2:1 return risk you only need to be right more than 30% of the time to get a profit.

I see a lot of people here, whining, it's a trending system, you're expected to lose a few times... with a 50% win rate you should be prepared to take 10+ losses in a row.

Also, you should stick to the Sniper dot. The stops are a measure of volatility, and hence the greater the volatility the less you trade. putting fixed stops in non logical places will kill you... even good money management can't save you... you will only get killed slower...

Trend following is hard, you have to endure sometimes a series of losses... so you gotta keep risk low. Also by using TP, according to studies and testing it caps the system tremendously... sure it's hard to see a 200 pip trade go into 10 pip or something but that's what trend followers have to endure in order to grab the big moves...

Who would you rather have on your team? Someone with a batting average of 0.5+ but very few runs or a player with a batting average of .30+ with 600+ home runs? In the long run you'll be better off with the home run guy...

I grabbed a few backtests of the past years for 18 months on gbpusd...

this is an example of a 4H sniper... over the past year...

What can you expect from a system like that? only risking 1% of trading capital per trade, with an expectancy of 80 cents on the dollar you have a return over 6 years of average of 750k with a max return of 1.3 million and a low of 523k. Worst case drawdown was 26%. Again stops should be whatever what the system tells you it is... if they are wide, lighten your position... if volatility is low and stops therefore are closer you can risk the same for a much bigger position, and if the trade happens to go your way, you can easily win 10R or 20R trades, and those are the trades that can make you a huge difference on the bottom line of your trading year. Don't underestimate the power of compounding it was Einstein who said the most powerful force in the entire universe was compounding

Also take note on 9999 possible equity lines

 

[FormulaOneFan]

Is your Experts button on the toolbar red or green? It should be green.
Kent

It is green mate. Mine is a trial/demo version. Maybe it works only on live version?

 

[FormulaOneFan]

Is anyone else holding a GBPUSD short over the weekend?

Iam holding short on my demo account. It is under heavy loss at the moment. Only one histogram was red before I got on so really should have waited until both histograms are red.

 

[2be]

well, take the average of the winners and the average of the losers and see what's the ratio between them... i bet it is around 2.

Any system with that ratio can turn you rich overtime if you don't break it...

Expected payoff = 1 - 0.5 = 0.50$ per dollar risked. with a 2:1 return risk you only need to be right more than 30% of the time to get a profit.

I see a lot of people here, whining, it's a trending system, you're expected to lose a few times... with a 50% win rate you should be prepared to take 10+ losses in a row.

Also, you should stick to the Sniper dot. The stops are a measure of volatility, and hence the greater the volatility the less you trade. putting fixed stops in non logical places will kill you... even good money management can't save you... you will only get killed slower...

Trend following is hard, you have to endure sometimes a series of losses... so you gotta keep risk low. Also by using TP, according to studies and testing it caps the system tremendously... sure it's hard to see a 200 pip trade go into 10 pip or something but that's what trend followers have to endure in order to grab the big moves...

Who would you rather have on your team? Someone with a batting average of 0.5+ but very few runs or a player with a batting average of .30+ with 600+ home runs? In the long run you'll be better off with the home run guy...

I grabbed a few backtests of the past years for 18 months on gbpusd...

this is an example of a 4H sniper... over the past year...

What can you expect from a system like that? only risking 1% of trading capital per trade, with an expectancy of 80 cents on the dollar you have a return over 6 years of average of 750k with a max return of 1.3 million and a low of 523k. Worst case drawdown was 26%. Again stops should be whatever what the system tells you it is... if they are wide, lighten your position... if volatility is low and stops therefore are closer you can risk the same for a much bigger position, and if the trade happens to go your way, you can easily win 10R or 20R trades, and those are the trades that can make you a huge difference on the bottom line of your trading year. Don't underestimate the power of compounding it was Einstein who said the most powerful force in the entire universe was compounding

Also take note on 9999 possible equity lines

The important principle of HH/HL and LH/LL is well reflected in this approach, and that is the reason that this approach is likely to be succesful. Understanding that will enhance the reason for opening and closing trades.
If however one treats this system as a black box, following every signal without any understanding, one will still be sucessful if one is disciplined to cut the losses short, and hold the profitable trades longer. That can be said of any random entry, anyway.
The momentum type bars below are also helpful as confirmation of the direction, and it also might be helpul to understang their behaviour, rather then just blindly follow them.
If one does not do any study and reserch, the price for this indicators is very good, as it is only a fraction what can easily be contributed to the market.
As I did not purchased it, no need as I opererate a similar system with some added filters, I hope that in the manuals the important principle of HH/HL & LH/LL is well explained. One simple filter I have added is Open and Close reflected by a properly setup MAs, or a triggerlines indicator freely available of forums, which works in a similar way.
Whether you buy these indicators or work up something similar, you will enhance your performance by being aware of the underling princilpes of this strategy, and the two of them mentionned above are very important in studying PA.
Many good trades to all,
2be

 

[pircj]

Hi 2be,
thanks for dropping by and contributing.

Can you kindly explain what you mean by HH/HL and LH/LL? Trending? This is not elaborated in the manuals of Sniper forex system.

Can you tell us more about your system? Is it also HMA based? How do you use MAs? What do you mean by "Open and Close reflected by a properly setup MAs"?

Hope to get your answers and you stay with us...

Thx, Jerry

The important principle of HH/HL and LH/LL is well reflected in this approach, and that is the reason that this approach is likely to be succesful. Understanding that will enhance the reason for opening and closing trades.
If however one treats this system as a black box, following every signal without any understanding, one will still be sucessful if one is disciplined to cut the losses short, and hold the profitable trades longer. That can be said of any random entry, anyway.
The momentum type bars below are also helpful as confirmation of the direction, and it also might be helpul to understang their behaviour, rather then just blindly follow them.
If one does not do any study and reserch, the price for this indicators is very good, as it is only a fraction what can easily be contributed to the market.
As I did not purchased it, no need as I opererate a similar system with some added filters, I hope that in the manuals the important principle of HH/HL & LH/LL is well explained. One simple filter I have added is Open and Close reflected by a properly setup MAs, or a triggerlines indicator freely available of forums, which works in a similar way.
Whether you buy these indicators or work up something similar, you will enhance your performance by being aware of the underling princilpes of this strategy, and the two of them mentionned above are very important in studying PA.
Many good trades to all,
2be

 

[pircj]

Hi Salvador!

Great post!

Is this actual Sniper forex system tests? What exits/TP/BE? Do you have backtests for Cable on H1 also? Which platfor you use for testing?

Have tons of pips!

Jerry

well, take the average of the winners and the average of the losers and see what's the ratio between them... i bet it is around 2.

Any system with that ratio can turn you rich overtime if you don't break it...

Expected payoff = 1 - 0.5 = 0.50$ per dollar risked. with a 2:1 return risk you only need to be right more than 30% of the time to get a profit.

I see a lot of people here, whining, it's a trending system, you're expected to lose a few times... with a 50% win rate you should be prepared to take 10+ losses in a row.

Also, you should stick to the Sniper dot. The stops are a measure of volatility, and hence the greater the volatility the less you trade. putting fixed stops in non logical places will kill you... even good money management can't save you... you will only get killed slower...

Trend following is hard, you have to endure sometimes a series of losses... so you gotta keep risk low. Also by using TP, according to studies and testing it caps the system tremendously... sure it's hard to see a 200 pip trade go into 10 pip or something but that's what trend followers have to endure in order to grab the big moves...

Who would you rather have on your team? Someone with a batting average of 0.5+ but very few runs or a player with a batting average of .30+ with 600+ home runs? In the long run you'll be better off with the home run guy...

I grabbed a few backtests of the past years for 18 months on gbpusd...

this is an example of a 4H sniper... over the past year...

What can you expect from a system like that? only risking 1% of trading capital per trade, with an expectancy of 80 cents on the dollar you have a return over 6 years of average of 750k with a max return of 1.3 million and a low of 523k. Worst case drawdown was 26%. Again stops should be whatever what the system tells you it is... if they are wide, lighten your position... if volatility is low and stops therefore are closer you can risk the same for a much bigger position, and if the trade happens to go your way, you can easily win 10R or 20R trades, and those are the trades that can make you a huge difference on the bottom line of your trading year. Don't underestimate the power of compounding it was Einstein who said the most powerful force in the entire universe was compounding

Also take note on 9999 possible equity lines

 

[Amigo1]

Yes, I have the same questions as pircj. Very interesting and good results on H4. I think that you didn't use take profits and exited when stop is hitten or when sniper changes colour, because only 47% are winning trades.
Very interested in H1 hour results.

 

[GumRai]

Can you kindly explain what you mean by HH/HL and LH/LL? Trending? This is not elaborated in the manuals of Sniper forex system.

HH/HL indicate a proper upward trend ( higher highs/lower lows)
LH/LL ( lower highs/lower lows) indicate a ratified downward trend also.

Especially when contained in a channel (ie trend line connecting the highs and trend line connecting the lows are parallel), they can give good indications of support and resistance. But always be wary of the 3rd wave.

 

[2be]

Hi 2be,
thanks for dropping by and contributing.

Can you kindly explain what you mean by HH/HL and LH/LL? Trending? This is not elaborated in the manuals of Sniper forex system.

Can you tell us more about your system? Is it also HMA based? How do you use MAs? What do you mean by "Open and Close reflected by a properly setup MAs"?

Hope to get your answers and you stay with us...

Thx, Jerry

Hi Jerry,
Please have a look at "trading naked"
http://www.trade2win.com/boards/free-systems/18712-trading-nakeds-trade-setups.html
HH/HL is Highier High and Highier Low means that the price action (PA )is up.
LH/LL is Lower High and Lower Low means that the price is going down.
Simple, basic but very powerful approach on all TF.

Open/close MAs.
use any two MA set at the same bar value(3, or 5) with one set up at open, the other setup at close. When they cross they will generate a signal, treat both of them as one entity to observe the slope and go in the direction on the momentum.
Triggerlines (indicator)is working in a similar way, but it computes the middle of the bars too.

I use HMA and they work well, one could use EMA or WMA too, there is no mystery in them, they are just set up to provide a visual expression of the HH/HL & LH/LL PA.

 

[greenfield]

Hello salvadorveiga,
That's a great post. A number of points well put. Certainly, sticking to the rules pays off.

A lot of the posts here explore amendments to the rules. That's fine – there's no problem with that. These should be seen as parallel systems. But we should always remember the system as it stands.

Like pircj, I'd be interested in your system of backtesting. I have always believed that this can never be accurate. How would it know at what point all indicators appeared (especially on a 4H)? Surely it would miss out the indicators that re-painted.

I certainly agree with your point on compounding. With the figures I have, (and I must stress that these are average figures), this means that risking 3% of trading capital, assuming an average SL of 80, would result in an average gain per day of 0.9%. That is surprisingly high. With an account of £10,000, in one year (250 days?) that would build up into £87,430; in 2 years (500 days) £750,830. Mind you, if I were prepared to trade at £281 a point is another matter! Apart from that (and also I could do with some of that for the house extension that I'm planning!) is there a flaw in my reasoning?

Bye,

 

[salvadorveiga]

Hi 2be,
thanks for dropping by and contributing.

Can you kindly explain what you mean by HH/HL and LH/LL? Trending? This is not elaborated in the manuals of Sniper forex system.

Can you tell us more about your system? Is it also HMA based? How do you use MAs? What do you mean by "Open and Close reflected by a properly setup MAs"?

Hope to get your answers and you stay with us...

Thx, Jerry

I bet he was referring to higher highs and higher lows...

 

[salvadorveiga]

The important principle of HH/HL and LH/LL is well reflected in this approach, and that is the reason that this approach is likely to be succesful. Understanding that will enhance the reason for opening and closing trades.
If however one treats this system as a black box, following every signal without any understanding, one will still be sucessful if one is disciplined to cut the losses short, and hold the profitable trades longer. That can be said of any random entry, anyway.
The momentum type bars below are also helpful as confirmation of the direction, and it also might be helpul to understang their behaviour, rather then just blindly follow them.
If one does not do any study and reserch, the price for this indicators is very good, as it is only a fraction what can easily be contributed to the market.
As I did not purchased it, no need as I opererate a similar system with some added filters, I hope that in the manuals the important principle of HH/HL & LH/LL is well explained. One simple filter I have added is Open and Close reflected by a properly setup MAs, or a triggerlines indicator freely available of forums, which works in a similar way.
Whether you buy these indicators or work up something similar, you will enhance your performance by being aware of the underling princilpes of this strategy, and the two of them mentionned above are very important in studying PA.
Many good trades to all,
2be

it's not a blackbox system if you can figure it out... I already reverse engineered the system... not that hard.

You're right, one will probably be successful, according at least to my testings if it follows the system.

Now, of course it depends on a person's profile. Can a person endure 10+ losses in a row? If it happens you have to keep trading... does it fit your personality? I really don't mind having 10+ losses in a row, because I have enough trust knowing that it happens, and in order to get the really big moves you have to take every signal.

if you already have your system and you're satisfied just stick with it...

 

[salvadorveiga]

Yes, I have the same questions as pircj. Very interesting and good results on H4. I think that you didn't use take profits and exited when stop is hitten or when sniper changes colour, because only 47% are winning trades.
Very interested in H1 hour results.

Ok to answer you and pircj, this testing was made without position sizing involved and without the stops. I used only as a stop reversal system, go long blue go short red with fixed lots.

So, not that complex. Actually if you practice money management and do position sizing according to stops, the profits got enhanced my a large margin... % winning trades stayed the same pretty much with variations of 45-50% on my testing. What improved was the profit factor from 2.47 to around 3:1 which is a 20% improvement.

I use 4H because well, it trades less, there isn't so much noise and less whipsaw...

I havent tried testing the 1H charts on GBPUSD but results can likely be around the same, since markets are a fractal so what's likely to happen on 4H or 2H charts is also likely to have similar results on lower time frames...

So with a 3:1 return risk, you only need to be right 25% of the time to be break even...this of course in the long term.

I have my own system for index futures and is pretty similar to Sniper's actually... So I also tested Sniper on S&P futures... for the month of June-July and August it made a profit of 532 points. Which basing it on 1 contract, 432 * 50$ = $21600 just on 1 contract, and again without position sizing. Sure there are losses in a row, but the last trade is still long from S&P 890 points.

Again, coming up with a system is easy, sticking with it is very hard. And what you need is consistency so if anyone here trades the 1H, then out of a sudden drops the TF for the 30M, then goes to the 1H again to drop later to 15M, most likely you will be killed... consistency consistency consistency is what's needed. Of course it's easier said than done:cheesy:

 

[salvadorveiga]

Hello salvadorveiga,
That's a great post. A number of points well put. Certainly, sticking to the rules pays off.

A lot of the posts here explore amendments to the rules. That's fine – there's no problem with that. These should be seen as parallel systems. But we should always remember the system as it stands.

Like pircj, I'd be interested in your system of backtesting. I have always believed that this can never be accurate. How would it know at what point all indicators appeared (especially on a 4H)? Surely it would miss out the indicators that re-painted.

I certainly agree with your point on compounding. With the figures I have, (and I must stress that these are average figures), this means that risking 3% of trading capital, assuming an average SL of 80, would result in an average gain per day of 0.9%. That is surprisingly high. With an account of £10,000, in one year (250 days?) that would build up into £87,430; in 2 years (500 days) £750,830. Mind you, if I were prepared to trade at £281 a point is another matter! Apart from that (and also I could do with some of that for the house extension that I'm planning!) is there a flaw in my reasoning?

Bye,

Thanks, you're right someone can make some ammendments to a system. There's no wrong in that as long as you stick to it every time. If you start using it, then every trade that comes in the future as to be triggered according to the systems and the changes you've made... trying to fit and hopping from one system to another or changing the parameters from time to time just because "lately they've been working better" is a no no... of course you can still research on the side and play with parameters in testing etc, to see if you can come up with a better expectancy system in the long run...once and if you've found it after intense testing, then it's okay to change IMO

I'm aware of the repaint sometimes, because past signals are only taken if the bars closed with the signal still active... therefore I ran a "live" test, like a visual graph going for example 2 years back and according to your data the bars move as if they were moving back then (I'm not sure if i'm explaining it right). The software i use for testing is MetaStock.

When you say risking 3% capital with SL at 80, i disagree... the SL doesn't matter... my risk for example is always the same 1%. Be it with a stop at 10 pips or with a stop at 400 pips away it's always 1%.

There's this game from Dr Van Tharp which is fun for testing money management strategies...

http://www.iitm.com/regform.asp

the first 4 levels are free... in order to get all levels you have to buy it.

 

[2be]

it's not a blackbox system if you can figure it out... I already reverse engineered the system... not that hard.

You're right, one will probably be successful, according at least to my testings if it follows the system.

Now, of course it depends on a person's profile. Can a person endure 10+ losses in a row? If it happens you have to keep trading... does it fit your personality? I really don't mind having 10+ losses in a row, because I have enough trust knowing that it happens, and in order to get the really big moves you have to take every signal.

if you already have your system and you're satisfied just stick with it...

There is no need for 10 losses in a row with this approach on H1 and a highier TF on G/U. (It is not imposible, but unlikely to happen 10 in a row). I think this approach is likely to be succsesful, because it is based on a firm principle/s in relation to PA. I do not claim to follow this approach exclusively at the expanse of the rest, but I do follow the PA according to the principle/s that this approach is build on. For me the principles are more important then their application in any system/s.
It is also worth mentioning that G/U has bigger moves in London and US session, and signals generated at these times are likely to be of more value. Actually there are some good moves up to 2 hours before the London's open. When the ATR is reached, I usually do not trade after 4pm (+1GMT), as the market often is range bound.
When I related to the "black box" I was relating to the mentality and practise to trade somebody's else system without any attempt to understand it.
I am of the opinion that this is indeed a good system, and it shall produce even greater profits if one has done some homework and understands it more. It is also sold at a very realistic price.
Any discretionary system in relation to any part of its application will produce different results, as one cannot guarantee the constant state of the market condition/s. Things like the size of the first entry, and any subsequent entries, timing and so on will vary, so that the same approach might produce different results.
Personally I think that at the present state of the market H1 TF affords some very good trades. It does not mean that the shorter TF are useless, but the perspectine of H1 and H4 is very important.