Sniper Forex System

maybe i got in too late (or) maybe my stop loss wasn't enough (or) maybe i got in too early...:confused:

scratching my head to understand what happened.
 
dkarrington said:
I sure hope everyone that took that long trade took profits at the top.
kent
Click to expand...

Well there wasn't really a top was there?
Over-reactions are par for the course, so just have to see if it can turn around before the stop is hit.
It seemed like a good trade at the time, but these things happen.
 
FormulaOneFan said:
maybe i got in too late (or) maybe my stop loss wasn't enough (or) maybe i got in too early...:confused:

scratching my head to understand what happened.
Click to expand...

If you are using the system and following the rules, that's all you can do.

The stop is 1.6330 and it hasn't hit it yet.
No point in bailing as it could turn around just as easily.
Wait and see.
 
GumRai said:
Well there wasn't really a top was there?
Over-reactions are par for the course, so just have to see if it can turn around before the stop is hit.
It seemed like a good trade at the time, but these things happen.
Click to expand...

Sniper stops are pretty important. Be sure to use them, on the 1H TF. News releases tend create a very short term spike, and sometimes a short lived direction change. Just have to be careful. I am just not comfortable with a long at the present time.
Kent
 
GumRai said:
If you are using the system and following the rules, that's all you can do.

The stop is 1.6330 and it hasn't hit it yet.
No point in bailing as it could turn around just as easily.
Wait and see.
Click to expand...


That is exactly right. Just run the system as it is intended and deal with the wins, AND LOSSES, that come. In the long run, you will be profitable.
Kent
 
When the system gave the alert I didn't see any stop loss dot. So I went in with fixed 40 points. By the time I could change the stop loss it hit it and it closed my position. Also I think I got in little late.
 
FormulaOneFan said:
maybe i got in too late (or) maybe my stop loss wasn't enough (or) maybe i got in too early...:confused:

scratching my head to understand what happened.
Click to expand...


by the way, does anyone here know how can i compute for example the ATR into a stop in metatrader visually?

I wanted a line of for example a multiple of 3 of the ATR in order for stops... of course i can check the atr and so some math but visually it would be way easier :)
 
salvadorveiga said:
by the way, does anyone here know how can i compute for example the ATR into a stop in metatrader visually?

I wanted a line of for example a multiple of 3 of the ATR in order for stops... of course i can check the atr and so some math but visually it would be way easier :)
Click to expand...

Nope, I dont. However, with the SuperSR7 indicator, there is a line of support at about 153.60 on G/J that the pair has hit 4 times since Aug 17, and bounced off. Seems like about 10 below would be a good guess.
Kent
 
FormulaOneFan said:
I didn't. I played with live account 0.20p on both GBP/JPY and GBP/USD and both of them hit the stop loss I set @40 points (pips). Giving me a grand total loss of 16 pounds.:sneaky:

I'm trying to understand what the heck happened.:mad:
Click to expand...

F1Fan,

I'm not really experienced enough with this system, but looking back over some of the past indications, I would say that if you are not prepared to use the sniper stops then you are likely to be disappointed. :(

The system is designed to catch the really big trends and for that you need fair stoplosses. I think that with stoplosses as small as 40 when the system dictates more than twice that means that you are most likely to miss out on the really big runs that gain momentum.
 
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FormulaOneFan said:
When the system gave the alert I didn't see any stop loss dot. So I went in with fixed 40 points. By the time I could change the stop loss it hit it and it closed my position. Also I think I got in little late.
Click to expand...

Hey, you could always re-enter the trade, if it's below the level that you were stopped, it's almost the same as earning money :whistling

:)
 
GumRai said:
Hey, you could always re-enter the trade, if it's below the level that you were stopped, it's almost the same as earning money :whistling

:)
Click to expand...
I'm trying to learn and understand what I did wrong so I won't do it again. Its a good learning exercise. Even though I practised a lot in the demo system trying on the live system is totally different. I will wait for the next trend for now.
 
GumRai said:
F1Fan,

I'm not really experienced enough with this system, but looking back over some of the past indications, I would say that if you are not prepared to use the sniper stops then you are likely to be disappointed. :(

The system is designed to catch the really big trends and for that you need fair stoplosses. I think that with stoplosses as small as 40 when the system dictates more than twice that means that you are most likely to miss out on the really big runs that gain momentum.
Click to expand...

Yes. I didn't put in proper stop loss and I entered late in the wave which caused my losses.
 
FormulaOneFan said:
I'm trying to learn and understand what I did wrong so I won't do it again. Its a good learning exercise. Even though I practised a lot in the demo system trying on the live system is totally different. I will wait for the next trend for now.
Click to expand...

I know that everyone really wants to get in and make money asap, and I was no different. After I damn near blew out my live account, I pulled back about a month ago and started trading demo. No matter what I was determined to wait on the live account until I could get consistant, and really learn what I was doing. I went live again yesterday for a 30 pip profit, the first time in a month. I still trade demo, and am chosing my trades live very carefully. If a trade goes to 75 pips profit, i am going to set b/e +5 and let the Sniper stop catch up to that value. That way I don't have a loss.

I would recommend that if you are new to trading or new to Sniper, give yourself some time on demo(at least a month), and learn the system and the pairs you are trading. Save yourself some money while you learn. The markets will still be here in a month. Boy, do I wish all of the wins yesterday were on live. The majority were on demo. But that is ok. I am not going to rush.

Kent
 
F1 Fan,

You can't believe (or maybe you can) how tempted I am to cut my losses on this trade. This is my money I see gurgling away, it's not on a demo account.
Even though I'm well experienced with trading shares and indices, I've not been trading Forex long, less than 6 months.
But my experience with trading shares has taught me not to panic when things run against you and don't deviate from your course of action without good reason.
As it stands, I'm not very confident that this trade will suddenly turn around, it's very close to stop now. Maybe this one won't but many do. It's surprising.
Anyway, most likely that you did well to get out of this trade early :)
 
Hmmmm, on GBPJPY the histograms have both turned red, ADX has signaled a trendchange, RSI is under 50, and Stochastics are under 50 about to head into oversold territory on the 30M. Now just waiting for the trendlines to signal a short. We will see.
Kent
 
FormulaOneFan said:
I'm trying to learn and understand what I did wrong so I won't do it again. Its a good learning exercise. Even though I practised a lot in the demo system trying on the live system is totally different. I will wait for the next trend for now.
Click to expand...

putting fixed stop losses is what's wrong in my opinion... you have to put him in logical places not random... a fixed 40 pip distance can be right in the middle of nowhere...

imagine a highway, where traffic is going up and down... at a certain point of the highway there's this big wall... where would you stand yourself in the middle of the highway or perhaps you would prefer to be behind the wall right? at least it would give you some protection, less probability of getting hit unlike if you go to where the traffic is all happening you are most likely to get hit... same thing with stops...

(Maybe not the best analogy...it was all i could think of lol)

just a note I'm long USDCAD stop is 145 pips away
 
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