Sniper Forex System

[poisonivy0]

a shorts been triggered on the 15min TF, i've closed out. I still think this a retracement and may look to re-enter when suitable.
one thing you have to do with the sniper is learn to take profits riding the trend all the way only works on the massive moves.

 

[GumRai]

I can never understand the reasoning behind some moves. The US announces the employment figures and they are worse than expected. To me this is bad news for the US economy, yet the $ strengthens!!!!. It really doesn't make sense to me.

 

[poisonivy0]

I can never understand the reasoning behind some moves. The US announces the employment figures and they are worse than expected. To me this is bad news for the US economy, yet the $ strengthens!!!!. It really doesn't make sense to me.

I agree, but one thing ive learnt is that the market moves in mysterious ways, especially through crappy news announcement.
I wish there were no news announcement would make trading much easier.

 

[forexkunta]

if you don't mind me asking is it a MT4 plug-in (i.e. indicator)? can you share it with us?

FOF,
MT4 has Fib level indicator built in. I use it extensively.
Kent

 

[poisonivy0]

FOF,
MT4 has Fib level indicator built in. I use it extensively.
Kent

Does it draw the lines for you or are you talking about the manual fibs

 

[forexkunta]

I agree, but one thing ive learnt is that the market moves in mysterious ways, especially through crappy news announcement.
I wish there were no news announcement would make trading much easier.

Well, I have to disagree. If you watch the pair, after the market settles down, after a news announcement, it will go back to its original course. May take a while, but it will. Once in a 5-3 wave pattern, nothing will alter its form. It may disfigure it a little, but it will return.
Just pay close attention, and you will see. If it does change, it was not in a 5-3 move in the first place.
Kent

 

[poisonivy0]

Well, I have to disagree. If you watch the pair, after the market settles down, after a news announcement, it will go back to its original course. May take a while, but it will. Once in a 5-3 wave pattern, nothing will alter its form. It may disfigure it a little, but it will return.
Just pay close attention, and you will see. If it does change, it was not in a 5-3 move in the first place.
Kent

It is possible that it could change the course of the trend, isnt it?
news announcement really do make me nervous tho as i dont understand fundimentals that well

 

[GumRai]

Well, I have to disagree. If you watch the pair, after the market settles down, after a news announcement, it will go back to its original course. May take a while, but it will. Once in a 5-3 wave pattern, nothing will alter its form. It may disfigure it a little, but it will return.
Just pay close attention, and you will see. If it does change, it was not in a 5-3 move in the first place.
Kent

Kent,
it really does depend what time frame you are working in to decide when to place your trades,
I agree that for the longer time frame trades with larger stoplosses, the news only causes a blip. But recently I have noticed there is much more reaction to news from US than is normal.
The bulls in the stockmarket are starting to get unsure of their positions, the bears are beginning to surface again and we can look forward to a massive correction in the stockmarkets. Will this mean a convincing move into the $ ? I think so. This is possibly th best time to concentrate on currencies that at least have some degree of insulation. Western currencies do have a tie, no matter how loosely, I think that in the current economic climate, you are spot on to be concentrating on GBPJPY.

 

[ez0770]

I can never understand the reasoning behind some moves. The US announces the employment figures and they are worse than expected. To me this is bad news for the US economy, yet the $ strengthens!!!!. It really doesn't make sense to me.

Over the past few months the dollar has been seen mainly has a safe currency/asset. Therefore anytime news come out indicating that the US and/or the world economy is not out of the woods yet the dollar rallies in most cases. It's different data interpretation in the (post) credit crunch time...

my 2 cents

 

[forexkunta]

Kent,
it really does depend what time frame you are working in to decide when to place your trades,
I agree that for the longer time frame trades with larger stoplosses, the news only causes a blip. But recently I have noticed there is much more reaction to news from US than is normal.
The bulls in the stockmarket are starting to get unsure of their positions, the bears are beginning to surface again and we can look forward to a massive correction in the stockmarkets. Will this mean a convincing move into the $ ? I think so. This is possibly th best time to concentrate on currencies that at least have some degree of insulation. Western currencies do have a tie, no matter how loosely, I think that in the current economic climate, you are spot on to be concentrating on GBPJPY.

Well, the world stage is looking for indicators from the US that things are getting better. The new that is put out says it is, but the fundamentals are the worst they have been since 1929. We have embarked on the path we have been on before, and the result was the Great Depression. History will repeat itself, because peoples emotions are a contant, UP then DOWN. Those emotions are what drives the markets. Just think, when you have a trade going against you, do you get edgy. Takes time to get emotions totally under control. Just look how long it took the Vulcans, and even they slip. Hehe. Sorry, I am a SCIFI fan. I really believe EW counts in the DOW will result in a major decline, we haven't seen the bottom yet. People are starting to get more emotional and one of the indicators was when Berneke stated, "WE have saved the world." Been looking for that.

Back to gbpusd, using EW counts, the news release hit at the time for wave 4 to correct wave 3. Wave 3 has been kicking but all night, which is typical of wave 3 fundamentals. I turned my phone off and missed the alert, for want of some sleep. Seems that news releases always come at the times this is due. So be patient, the wave will march on into wave 5 for at least 100 pips more. But do not trade by that statement. Use your own judgement
Kent

 

[greenfield]

Hello all

I have been reading the thread with great interest for sometime as I have been using sniper for the past month. Gary recently posted his stats for August which show that he achieved over 600 pips during the month. I'm curious to see if anyone else here has managed to get anywhere near this.

I follow the system to exact rules with the exception of setting a 2:1 risk reward profit target, rather than wait until an opposing signal to close. During August I made around 63 pips so no where near Gary's results. During my trades I kept a record of the exit according to the sniper exit rules rather than using a profit target and it looks like I would have broke even for August

I'd appreciate any feedback from others on how August went

Hello ajnath,
It seems that I have become the resident bore when it comes to statistics! So perhaps I can give some figures. I have traded as per the rules – since April – though I do a few parallel trades with different strategy/tactics. I've posted the results here from time to time.

For August I've gained 288 pts – 13 pts per trade. That is below the av so far of 19 per trade (23 per day). Why are the results on the website different? Well, perhaps others here can give ideas. We were certainly able to identify 1 trade on this forum – on Monday 24th August – whereby I was stopped out (using the Sniper stop) on a short (and I assume that everyone else was). But the official trade wasn't stopped out – it carried on to make an impressive gain. So, what are we to make of this? I really don't know.

I've come across systems whose claims are quite scandalously inaccurate, sheer fiction. I reckon, in comparison, Sniper does a pretty good job. As I mentioned, my figures show 23 pts a day (the website is showing about 33 a day so far this year). That will do me fine. What do others think?

Bye,

 

[forexkunta]

Over the past few months the dollar has been seen mainly has a safe currency/asset. Therefore anytime news come out indicating that the US and/or the world economy is not out of the woods yet the dollar rallies in most cases. It's different data interpretation in the (post) credit crunch time...

my 2 cents

You are exactly right. And when the crunch comes, the USD will be even more of a safe haven. So, even tho we a currently in a move up, which is a move down for the USD, it will change and the dollar will enjoy a multi-month increase, within EW parameters. May be next week, next month or even the first of the year, but it is coming.
Kent

 

[ajnath]

Hello ajnath,
It seems that I have become the resident bore when it comes to statistics! So perhaps I can give some figures. I have traded as per the rules – since April – though I do a few parallel trades with different strategy/tactics. I've posted the results here from time to time.

For August I've gained 288 pts – 13 pts per trade. That is below the av so far of 19 per trade (23 per day). Why are the results on the website different? Well, perhaps others here can give ideas. We were certainly able to identify 1 trade on this forum – on Monday 24th August – whereby I was stopped out (using the Sniper stop) on a short (and I assume that everyone else was). But the official trade wasn't stopped out – it carried on to make an impressive gain. So, what are we to make of this? I really don't know.

I've come across systems whose claims are quite scandalously inaccurate, sheer fiction. I reckon, in comparison, Sniper does a pretty good job. As I mentioned, my figures show 23 pts a day (the website is showing about 33 a day so far this year). That will do me fine. What do others think?

Bye,

Greenfield

Thanks for your comments, I'm going to drop Gary a note this evening asking him to provide me with his individual trades for August so that I can work through them and compare against my record. Regarding the trade you were stopped out on the 24th, Gary suggests to place the actual stop 10 points away from the sniper stop, maybe that's why he never was stopped out - I'm showing a 64 pip gain for a trade on the 24th.

Whilst I only accrued 98 pips during August through position sizing my entries I managed to make an 18% return on capital (risking 5% of total capital per trade) which in my opinion is quite respectable.

 

[greenfield]

Gary suggests to place the actual stop 10 points away from the sniper stop, maybe that's why he never was stopped out ........

Hello ajnath,
That's intriguing. With regards to your mention of 10pts – is that an amendment or is that in the rules?. There's no mention of that in the rules that I have. Perhaps there's been some new rules issued that I don't know about – well I do now!
Bye,

 

[Vaco]

gary always said to place the stop below/above the sniper stop but never specified by how much

 

[poisonivy0]

gary always said to place the stop below/above the sniper stop but never specified by how much

It says 5-10pips in the manual

Anyone shorting? looking for a pull back to 6320 then will short. going to be aggressive with profit taking as were counter trending

 

[salvadorveiga]

Hello GumRai,
I've just been updating my records. It works out the same as I posted a few weeks ago – there's no difference! It's purely a psychological issue. There's quite a few trades where large gains disappear. So it feels good to close with 75 pts on a trade which would otherwise end up losing or breaking even. On the other hand a TP trade misses out on some of the big gains possible from Sniper (e.g. 374, 270, 470, 240, 187 and 195 pts).

Since 14 April, with 122 trades (101 days), letting each trade run its course, has resulted in an average of 23 pts a day/19 pts per trade. I haven't been noting all TP75 trades – my post this morning is all can show. (Also, I have only been using the 2 trade system for about 2-3 months.). What I have done is enter into a spreadsheet the maximum number of pts that could have been gained with each trade. It works out that with TP75, the average no of pts per day shows a gain of 23 pts a day (the same as the gain letting each trade run its course). TP95 shows 24 pts per day. The best result is TP 135 – 30pts per day. I'm not sure that I would be at ease putting in a TP at 135. Also, as I've stressed before, I need to question how statistically significant a list of 122 trades is. And, we no doubt enter at slightly different levels. So this shouldn't be seen as particularly exacting.

Now here's some completely useless information – the spreadsheet shows that IF it were possible to have taken the maximum no of pts possible per trade, it would mean an av per day of 136 pts, or 113 pts per trade!!! If only!

Bye,

That's why I've told you before... I think it was you. That long term it's better not to use TP's...just enter whenever the EA says to go in and exit when stop loss hit or when the signal is reversed...

i've showed some tests already... in how you would've made for the last year with very simple money management strategies around 350% on your account

So with that strategy you're taking profits partially while getting stopped out your full position... in terms with rations it doesn't fit very well. I'm not saying you can't get a profit that way... just saying you're losing so much potential doing that way... of course if you're uncomfortable seeing a 150 pip winning trade turning into a 30 pip gain or less, it will happen several times...but this is the way you also get to take those very few trades where you get 1500 pips or 2000 pips at a time only risking like 50 or 100 pips.

 

[greenfield]

Thanks Elefteros and poisonivy0,

It says 5-10pips in the manual

Not the one I've got! I've obviously got the same one as Elefteros. It might not seem a big thing, but I wonder what other rules have been amended.
Bye,

 

[salvadorveiga]

Hello all

I have been reading the thread with great interest for sometime as I have been using sniper for the past month. Gary recently posted his stats for August which show that he achieved over 600 pips during the month. I'm curious to see if anyone else here has managed to get anywhere near this.

I follow the system to exact rules with the exception of setting a 2:1 risk reward profit target, rather than wait until an opposing signal to close. During August I made around 63 pips so no where near Gary's results. During my trades I kept a record of the exit according to the sniper exit rules rather than using a profit target and it looks like I would have broke even for August

I'd appreciate any feedback from others on how August went

he probably has it right... Using EVERY entry without regard with the Sniper A and Sniper B filters you would've gained 1235 pips more or less... since Gary only trades from 6AM to 9PM he probably missed on half the trends or so...

probably you won't see many doing such many pips because, either they're hoping from time frame from timeframe hence at a point it starts being too much information and will hesitate in pulling the trigger, or are skipping trades because it's tough taking every signal... but one miss of a trade can mean a difference between profit and loss... one of the trades gave ALONE 390 pips more or less

 

[ajnath]

Thanks Elefteros and poisonivy0,



Not the one I've got! I've obviously got the same one as Elefteros. It might not seem a big thing, but I wonder what other rules have been amended.
Bye,

Yes agree the manual does seem to be tweaked on a regular basis. The manual in the demo i tried did not state this but the latest document I received upon purchase did.