Sniper Forex System

[pircj]

Cool post, I am also considering trading on M15 in the direction of H1 and entering on pullbacks. Entering on pullbacks can be done also on H1 since usually the price retraces after we get a signal. Well, sometimes it doesn't and in this case you can loose a lot of pips...

Please find attached MTF HMA indicator I made to show HMA on levels above your current chart (selectable timeframe - check inputs).

Anyway, please also note that if I miss a signal that occurs sometimes when I am not in front of my computer, I do reenter when price retraces to previous level. Good thing about this is that at that time the Sniper Stop tends to be closer and therefore I risk less.

Have good pips...

Jerry

Sniper variant: !!untested!! (as requested earlier in the day)

reasoning: I trade pullbacks. If HMA channel is optimal setting of 30 for the hourly, then I replicate it in essence, by using 120 on the 15mins.

Since I am a pullback trader, I have added Stochs(12,3,3) onto the chart.
Also, bog standard MACD.

Observations: Since the chart is simply a 15-min proxy for the 60-mins, I can now look for pullbacks.
I effectively ignore Sniper A and B since I dont know what they represent. I only want to use indicators I understand, so I know when to use them, and when to ignore them.

Note now, the stop-loss can be used as a pullback entry.

When the HMAs are 3 blues: take the entry if the price is "close" to the HMAs. This is subjective. If price has run away too far from the Hulls, I would rather not enter, and wait for a pullback.

In an uptrend (3-blues), this can be:
a: Stochs goes Oversold, and hooks up. (anywhere on the histogram)
b: Price falls back to "stop-loss". (blue dots)

In a downtrend (3 reds), entry can be:
a: Stochs going overbought and hooking down.
b: Price rises upto the "stop-loss". (red dots)

Actual stop-loss is also under investigation. Either way, you can reduce your risk exposure by using Price Action, such as the High caused by the Stochs overbought signal in a downtrend, or the Lows caused by the Stochs OS signal. Up to you.

Exits: I have added 0.002 and -0.002 to the MACD. I am only interested when the MACD exceeds 0.002/-0.002 and hooks back. This I am experimenting as an extreme point exit. I use this to take profits, rather than let them slip away.

All of the above is my initial reaction to Sniper. I am a pullback player, so I modified it to meet my personal psychology.

NB: the sample chart shows in essence what I am thinking. I miss moves. And get it wrong. But I can get in at a bargain price. Hope this stimulates some positive discussion. Or gets ignored to the dustbin of pie-in-the-sky fantasies. Either way, I am not fussed. Good trading.
I am likely to miss some moves, but so what, its not my only method.
I dont trade this with real money.

EDIT: chart is actually 120 on hourly. DOH. but you get the point! try the 120 on 15-mins.

EDIT2: just added a proper 15min version. The MACD exits are the more useful bits here.

 

[GumRai]

Cable long sniper stop now above my entry level, so at least I'm guaranteed pips in the bank on this deal.

You are so right about the pullbacks Jerry. I have noticed that there can often be a substantial pullback, so if you can get the timing right, can make a few extra pips. Of course it wouldn't have worked in the case of the current long as the price moved up immediately.

 

[GumRai]

As many of the posters here are much more experienced than I am with Forex, is Bank holiday Monday a dodgy time to trade pairs with GBP ?

 

[forexkunta]

Someone posted the following for an entry on the 15M TF from another forum. It really addresses those pullbacks at the entry Jerry was talking about. I have used it a time or 2, but prefer to use the entry's on the 30M charts. The 15 will drive you craze on email alerts. Sorry about the long post.
Kent

Firstly, here are the components of my trading method

1. Support and Resistance Levels or Zones

2. Trend Determination and market sentiment ( I use sniper forex for this one)

3. Momentum (probability meter)

Next, I will talk about the theories behind my methods.

1. Buy at Support in an Up Trend and Sell at Resistance in a Down Trend.

For a valid Buy signal with the sniper forex system using the 15 mins time frame,

A. Draw your support and resistance lines using the 15 mins chart of your chosen currency pair

B. Wait for all 3 sniper lines plus at least one of either sniper trend A and B to turn blue or red.

C. You will notice that by the time all sniper lines have turned blue, price would have started moving upwards, don't enter yet. Wait for price to pull back to the nearest support level or support zone on your 15 mins chart. When this happens, you will notice that one of sniper trend A or B will turn red. This should not bother you as long as it is just one of them. As price approaches the nearest support line/zone, quickly place a buy order, you can also use a buy limit order. Place your stop loss at least 35 pips behind the nearest support. This gives you a very high probability entry and also helps you protect your stop loss with a support level acting as a shield. Never use buy stop or sell stop order as this will amount to you chasing price action which almost always results in your stop loss being hit. Once Price is 15 pips in your favor, move your stop loss to break even you can use a 15 pip trailing stop if you like.

D. Before I talk about take profit targets, let me say this, I use 2 sets of support and resistance levels.

The first one is plotted for me automatically by an auto pivot calculator that shows R3 - S3 and also shows mid pivots.
The second one is Support and Resistance level identified by myself as price moves and then retraces.

I use these supports that I personally identify to place buy orders once the sniper forex indicators are all blue in color. I only place buy orders if sniper indicators are blue and no sell orders at all and vice versa because I want to be at the correct side of market sentiment in case of sudden parabolic price movements.

I also use these personally identified Resistance levels to place Sell orders only, once all the sniper forex indicators turn red.

E. Take profit targets.

I use the support and resistance levels generated for me automatically by my auto pivot calculator for my profit targets.

F. Momentum

Sometimes price action becomes so volatile that it starts moving with a lot of momentum. When this happens, we experience what is known as parabolic price movements. ie when price moves up or down in almost long straight lines. This phenomenon is easily seen on the probability meter which in my opinion is the most powerful momentum indicator in existence. Once the probability meter show 90% - 100% probability, no support or resistance level can prevent price from moving where it is headed.

If you are already in a trade that is the same direction with the sniper forex indicators, and all of a sudden, the probability meter starts showing over 90% sell or buy probability, simply remove your take profit target and use a 15 pip trailing stop to trail your order. if you get stopped out, wait for price action pull back or retrace to a support or resistance level before re-entering the market in the direction of all sniper forex indicators. Don't ever forget to put a 35 pip stop loss.

For better trades make sure that there is at least 50 pips between your entry and the nearest take profit level so as to ensure at least 1:1.5 risk reward ratio.

Never risk more that 3.5% of your whole capital on one single trade. eg If you have $100, use 0.01 volume and use 35 pips stop loss. Target at least 50 pips.

If you get stopped out, you lose 35 pips or $3.50 If you win, you will gain 50 pips or $5.00

The most common problems I have encountered with the Sniper Forex is this, Too much reliance on the Sniper forex indicators can be deceiving sometimes, especially near S3 and R3 levels and other trend reversal points. I simply look out for double tops or bottoms, 123 tops or bottom and also head and shoulders and inverse head and shoulders especially after a lengthy daily price movement to assist me in spotting trend reversals. Also I look at the 4 hour chart to spot overall price direction.

 

[forexkunta]

I have managed to pull 693 pips from this last full wave on GBPJPY in 4 days of trading. This is my absolute best week since I began trading. Wooo Hoooo I don't think there is anymore upside on this correction as it has exceeded the 38.2% Fib, and closing in on the 50. Will wait for the direction of the next wave to be confirmed, however I think we will have another 5 wave cycle down. Will wait for Sniper and the market to confirm.
Kent

 

[GumRai]

I,ve just decided that it's a good idea to lock in some of the profits, so I've closed half my position on the Cable long at 1.6370. That's 130 pips profit secured on half my position.
Now will see how the other half fares

 

[forexkunta]

I,ve just decided that it's a good idea to lock in some of the profits, so I've closed half my position on the Cable long at 1.6370. That's 130 pips profit secured on half my position.
Now will see how the other half fares

Good job, and good luck on the second half. Watch that one very closely. The long should be almost complete.
Kent

 

[pircj]

Congratulations! That's perfect man... can't wait to start GbpJpy next week (i traded cable only so far...).

I have managed to pull 693 pips from this last full wave on GBPJPY in 4 days of trading. This is my absolute best week since I began trading. Wooo Hoooo I don't think there is anymore upside on this correction as it has exceeded the 38.2% Fib, and closing in on the 50. Will wait for the direction of the next wave to be confirmed, however I think we will have another 5 wave cycle down. Will wait for Sniper and the market to confirm.
Kent

 

[rossobonks]

Good job, and good luck on the second half. Watch that one very closely. The long should be almost complete.
Kent

I think this may have the potential to reach the daily 20 and 50 MA @ 1.6450 where the 2 MA`s are about to cross...the first time since 25th March! Quite a bearish sign...

Dave

 

[pircj]

No entry for me today on cable.

The UK news did shake the market slightly but did not affect the bullish scenario.

I was not trading yesterday so did not enter at yesterdays signal.

Reentry at the level of signal produced yesterday afternoon at 1.6238 was not reached or the SL level was to big for me - my SL target is 50pips, anything more is not ideal since it means that the range is too big and the signal could possibly not produce targets large enough...

 

[GumRai]

With the weekend coming and bank holiday on Monday, coupled with the Cable's inability to break and hold above the bollinger band, I decided to to put this deal to bed now.
130 pips on half, 100 pips on the other half, so 115 pips profit on the deal.
Not so bad - I've missed 2 good deals (can't sit here all the time) and 25 pips net loss for the week or so since I've loaded sniper.
Of course , I'm unlucky that the 2 deals I did miss showed good pips profit. If I'd managed to get in on them, I'd be dancing a jig now

 

[pircj]

Great trades!

Was this on cable? Entry yesterday? Can you show us on charts?

Thanks...

J.

With the weekend coming and bank holiday on Monday, coupled with the Cable's inability to break and hold above the bollinger band, I decided to to put this deal to bed now.
130 pips on half, 100 pips on the other half, so 115 pips profit on the deal.
Not so bad - I've missed 2 good deals (can't sit here all the time) and 25 pips net loss for the week or so since I've loaded sniper.
Of course , I'm unlucky that the 2 deals I did miss showed good pips profit. If I'd managed to get in on them, I'd be dancing a jig now

 

[forexkunta]

With the weekend coming and bank holiday on Monday, coupled with the Cable's inability to break and hold above the bollinger band, I decided to to put this deal to bed now.
130 pips on half, 100 pips on the other half, so 115 pips profit on the deal.
Not so bad - I've missed 2 good deals (can't sit here all the time) and 25 pips net loss for the week or so since I've loaded sniper.
Of course , I'm unlucky that the 2 deals I did miss showed good pips profit. If I'd managed to get in on them, I'd be dancing a jig now

Good exit. Cable broke over and dropped like a rock. Would have clobbered you.
Kent

 

[forexkunta]

Looking at the G/J daily chart, we are still in wave 3 down, so we still have a good ways to go on these shorts. 30M has already signaled a short, 1H is about to, 4H will probably before the end of the day....
And I am back in short.
kent

 

[sequentialb]

Question, once you purchase the software, can you have the license transferred to someone else? I purchased this about two weeks ago and have since been busy with issues that limit my time. I don't have any plans on using this software in the near future.

 

[forexkunta]

Question, once you purchase the software, can you have the license transferred to someone else? I purchased this about two weeks ago and have since been busy with issues that limit my time. I don't have any plans on using this software in the near future.

That would be a question best suited for Gary, the developer.
Kent

 

[forexsniper]

Looking at the G/J daily chart, we are still in wave 3 down, so we still have a good ways to go on these shorts. 30M has already signaled a short, 1H is about to, 4H will probably before the end of the day....
And I am back in short.
kent

Thanks for the commentary...looking forward to next weeks trading already

 

[goose4]

I went to the elliottwave.com website and signed up for the Elliot Wave Financial Forcast for $19 per month. The EWFF gives you a ton of info on a monthly basis. The will send you 2 hardback books, The Elliott Wave Principle and Conquer the Crash, for a total of like $28 total, the 9 extra covers the shipping of the books. Both books are a must read for traders, as far as I am concerned. Sniper will make you profitable, but combined with EW, it is awesome. There is alot of free stuff on the website, but several readings of the EWP will really help you. I know it has me. Read the EWP 1 time cover to cover, then reread the first 4 chapters as often as you can. Everytime helps you learn and remember more of the rules and guidelines. Someone that says the markets dont move in cycles really dont have a very good understanding of the market, or they are trying to get you to buy something else. I can see at some point, after I am much more confident, I will no longer need any "system" to trade profitably. I bought Sniper and it is a very good system, and I will continue to use it just for the very good entry's it provides.

Kent

Could you please elaborate a little how elliotwave.com helps you with sniper.Sounds like they have good synergy together.

Feedback much appreciated

 

[forexkunta]

Could you please elaborate a little how elliotwave.com helps you with sniper.Sounds like they have good synergy together.

Feedback much appreciated

Elliott Wave gives you the ability to actually predict where the price is most likely to go. Paired with Sniper Forex for a confirmation of a trend, then you can count the waves as they unfold and predict where to get out. Each currency pair has it's own characteristics, so sometimes it is very hard to do a proper count. But if you learn EW then you will be able to have a very good idea when to exit a trade for max pippage, instead of waiting for a trendchange and a stop loss to be hit. I think that it is better to get out a little early with more profit, than to get out late for less.

It can be very frustrating to see a trade hit 175 and then the trend changes and then you only have 60 pips profit.

Go check out the elliottwave.com site and it will open your eyes.

Kent

 

[GumRai]

Great trades!

Was this on cable? Entry yesterday? Can you show us on charts?

Thanks...

J.

Jerry,
Yes, it's the same chart that you posted a little while back.
I guess that it's one of those times that good fortune was smiling on me . After taking a small loss on the short given earlier, I'd already gone to bed (6PM UK is midnight here ), but couldn't sleep and got up again
The Long alert was given at 7PM, 27th August and fortunately I was looking at the chart when the histos matched about 15 minutes later. That was at 1.6233.
I placed the deal at 1.6239 (only missed out on 3 pips, taking the spread into account).
Within about 30 seconds it hit 1.6275, so moving fast and maybe I was lucky to get the deal without a re-quote.
It peaked about 1.6300 and then started heading south again
Breaking the rules, I set the stoploss at break even and went back to bed.
To be honest, I expected to find the deal dead and buried by the time I woke up, but no it had found the energy to stay up, albeit pretty much sideways.
After resting for a while, it must have taken another dose of Forex viagra and kept going up for a few more hours.
When it hit 1.6380, 140 pips profit, I looked at the sniper stop from the previous candle and it was still only 15 pips above my entry point! At this stage, earlier posts from Greenfield came to mind. I may be a seasoned trader in shares, but I'm still human, and thought about how I would feel if the market turned and all that profit disappeared.
So I closed half my position with 130 pips profit, knowing that I would be happy with whatever the future held.
The following H1 candle closed lower, the next hour was rising, but couldn't go above the high of 2 hours before, stockmarkets looked to be faltering and when it moved back below the bollinger band, the sniper rules went out the window and I quit the deal.
130 pips on half, 100 pips on the second half, so aggregate profit of 115 - not bad for a deal against the recent trend!

Sorry if this is a long post - stop me if you are bored

This deal has proven to me just how difficult it is to blindly follow a system that I cannot follow the reasoning for entry and exit. It's probably easier for someone with absolutely no knowledge of chart movements and influences.
I just couldn't help myself. I couldn't stick to the rules and just had to use my own judgment to exit the deal. If you remember some of my posts, I have said that with a system like this you must follow the rules .

In this case I was right. I managed to exit at just about the right time.

I think that without an automated EA placing trades, very few would have managed to enter this position at the same level as I did, I just happened to be looking at the chart at exactly the right time
Following the rules, using a stop at sniper stop +/- 10, the deal would have been closed at 1.6281 and shown a profit of 40 pips. That's still a nice profit, but 115 pips is better - this time.
I think that it will take a few experiences of missing out on some really good runs before I will be convinced to stick to the rules.

I see a short was given and then confirmed around 7PM UK time. Late on a Friday, I expect most people left it alone. So if conditions are still in place Monday, is it a good idea to take this trade? Is it best not to trade currencies paired with GBP on a UK bank holiday?

Have a nice weekend everybody.