Sniper Forex System

[forexsniper]

I don't know about the fantastic results on the website, but so far this week I have 7 closed trades with 355 pips profit. I think the more experience you have with Sniper, the better you can trade.
Kent

Hey Kent,

Congratulations on the great results. You certainly seemed to have it nailed on GBPJPY. I'm still on GBPUSD and have been getting fairly good results...still alot to learn though.

2 questions from your previous posts:

1) You talk about re-entry, eg GBPJPY. There was no re-entry signals given on H1, but there was one on M30. So do you use M30 as a signal to re-enter a trend on the H1? (could also be useful for people who missed the initial entry)

2) You talk about not entering a trade yesterday because it was long and against the trend. So do you only take takes which are going with the current trend?

Thanks.

 

[AcuteAngle]

I got that email as well.
Was pondering it.
If you scroll down to the bottom, he shows a screenshot of 2 trades.

One shorts at 1.6393 and closes at 1.6421.
The other shorts at 1.6510 and closes at 1.6395.

The first results in a loss of 28 pips. (although screenshot doesnt show a minus sign)
Second results in a gain of 115 pips.

I wonder if he has added 28 to 115 and got 143?

I think this is exactly what he's done yes. I don't like the way Cantor show the P&L if they don't put it in brackets or show a minus sign.

Anyway, more importantly, I never even had an entry signal at 1.6510. I'm using FXCM - did anyone else get this (I've not actually had placed trades this past two days due to being out during all the important trading times).

 

[poisonivy0]

I have been using the ADX indicator and Elliot Wave theory for this purpose.
Kent

i find the adx hard to use in real time, it looks good when you look back tho. do you have an elliot wave indicator that draws the lines in for you. if so could you post it please.
thanks

 

[forexkunta]

Hey Kent,

Congratulations on the great results. You certainly seemed to have it nailed on GBPJPY. I'm still on GBPUSD and have been getting fairly good results...still alot to learn though.

2 questions from your previous posts:

1) You talk about re-entry, eg GBPJPY. There was no re-entry signals given on H1, but there was one on M30. So do you use M30 as a signal to re-enter a trend on the H1? (could also be useful for people who missed the initial entry)

2) You talk about not entering a trade yesterday because it was long and against the trend. So do you only take takes which are going with the current trend?
Thanks.

Sunny,
1. Yes, I will use the 30M to pyramid another trade on top of what I already have running. But I will only do so if the wave count supports more of the same trend.

2. And yes, I only go with the overall trend. I will check the 4H chart to make sure the trend is still intact.
Kent

 

[forexsniper]

Sunny,
1. Yes, I will use the 30M to pyramid another trade on top of what I already have running. But I will only do so if the wave count supports more of the same trend.

2. And yes, I only go with the overall trend. I will check the 4H chart to make sure the trend is still intact.
Kent

Kent,

1. Sounds interesting. Definitely worth taking a look at...though I don't know enough Elliot Wave at this time.

2. So when you say "trend", you're talking about where the 4H chart is going, as opposed to drawing a trend line on say the daily charts?

Thanks.

 

[forexsniper]

i find the adx hard to use in real time, it looks good when you look back tho. do you have an elliot wave indicator that draws the lines in for you. if so could you post it please.
thanks

Yeah! I use the ADX to help confirm that there is a trend for entries. Find it hard to use for exits as I find that often the trend strengthens up again after weakening. Maybe I need to take a look at using it in conjunction with this Elliot Wave indicator...

 

[forexkunta]

Yeah! I use the ADX to help confirm that there is a trend for entries. Find it hard to use for exits as I find that often the trend strengthens up again after weakening. Maybe I need to take a look at using it in conjunction with this Elliot Wave indicator...

Yeah, when it is making a peak, it is showing that a change is coming. It will not show whether it is a trend change or more of the same. That is where the wave counts come in.

It you go to sniperforex.com and scroll to the bottom of the page, at the bottom right, Gary has a link for downloading The Theorist. Which will take you to elliotwave.com.
That tells me that Gary is also an EW fan.
Kent

 

[poisonivy0]

thanks kent your a star

 

[salvadorveiga]

well if you indeed wnat to set target profits the Awesome oscillator helps

 

[forexkunta]

thanks kent your a star

Thanks, I appreciate it, but it is Salvadore that should be thanked. He was the one that got me started with EW. I am positive it has impacted my trading in a positive way, and I think that anyone that learns and applies it will benefit as well.

Kent

 

[new2fx]

knowing when to exit is my bigest problem with this system.
we could do with another indicator that could spot a potenional reverse so we can exit with maximum profits

hi, I put my exits at major support and resistance levels (Pivot Points). Price always bounce off of thoses levels

 

[salvadorveiga]

I told you so... 3rd of a 3rd on GBPUSD this should turn out to be a good move... don't play the longs in Sniper and don't use TP in my opinion. Third waves can go wherever they want, but when they're extending big moves happen so stay in ! you can grab easily 500+ pips or more so sit tight

 

[FormulaOneFan]

I told you so... 3rd of a 3rd on GBPUSD this should turn out to be a good move... don't play the longs in Sniper and don't use TP in my opinion. Third waves can go wherever they want, but when they're extending big moves happen so stay in ! you can grab easily 500+ pips or more so sit tight

When did we get these alerts? I didn't get any alert for GBPUSD. Am I too late to enter now?

 

[FormulaOneFan]

What is a TP?

 

[salvadorveiga]

What is a TP?

take profit. how come didn't you get an alert on gbpusd ?4H, 1H and even smaller time frames all issued shorts.

 

[greenfield]

Greenfield, I see from your post that you only made 53 pips from the short early in the week - did you get in late?

I've just had an email from Sniper claiming 143 pips profit for that deal,



In the email, Sniper claims entry at 1.6510
Exit at 1.6421

Now when I was at my maths lessons back in my schooldays, I would have made that 89 pips not 143.

This does suggest that you can take the results posted on the website with a pinch of salt.
I believe Greenfield's results and they seem good enough, but I would advise anyone not to expect the fantastic results claimed on the website.

Hello GumRai and trendie,
That's interesting. I went short first thing (Monday 24th – is this right?), but was stopped out. The Sniper stop was at 6517. The trade was with IG – it's price reached 6524.2 (ODL 6523.8, Alpari 6522.8). It was obviously very close. I then re-entered when all signals were red again (as I decided this level was close enough to the original price). So instead of one trade (Gary's +89), I ended up with -19 and +53 = 34. Bit of a bummer!

I would be very interested to know what other people here found with this trade. I hope we're talking about the same trade as I haven't seen the email that you've mentioned.
Bye,

 

[FormulaOneFan]

take profit. how come didn't you get an alert on gbpusd ?4H, 1H and even smaller time frames all issued shorts.

I just found out my MT4 is saying no connection. I don't know why though!MT4 is running in the background I usually get an alert box but it looks like it lost internet connection for some reason and i'm here watching at a screen that didn't move. silly me!

oh well! There is always next wave. I would have to wait for another one. Hope we get one before the bank holiday weekend.

 

[GumRai]

F1Fan,
There was a short alert @ 1.6330 yesterday evening at 5pm.
Regretfully, I didn't get in on it and is 150+ pips in profit now

 

[forexkunta]

When did we get these alerts? I didn't get any alert for GBPUSD. Am I too late to enter now?

At this point, that would have to be your call. I just added another position, but I already have one that is up around 150. So if it went against me for some reason, I could still come out winning.
Kent

 

[GumRai]

Hello GumRai and trendie,
That's interesting. I went short first thing (Monday 24th – is this right?), but was stopped out. The Sniper stop was at 6517. The trade was with IG – it's price reached 6524.2 (ODL 6523.8, Alpari 6522.8). It was obviously very close. I then re-entered when all signals were red again (as I decided this level was close enough to the original price). So instead of one trade (Gary's +89), I ended up with -19 and +53 = 34. Bit of a bummer!

I would be very interested to know what other people here found with this trade. I hope we're talking about the same trade as I haven't seen the email that you've mentioned.
Bye,

That's the one, short alert given Friday, histograms confirmed the trade Monday 6AM.
Sniper stop at 1.6517, so if you set your stop 5 away from Sniper stop, you'd have been stopped. If 10 away, you would have stayed alive.

Hope that you are in this short now.