Sniper Forex System

[forexkunta]

GumRai,
During the time period that you are talking about, it is in what i call the Twilight Zone, which is about 2 hrs after the London close to 0000gmt. During that period, if you don't have definite movement, I will not take a trade. That period on cable and guppy tends to be a very low liquidity period of the day, and gets rather lazy. Go back an look at the last several weeks, and look at those time frames, and you will see what I mean. Just so happens that those periods seem to coincide with E wave corrections also, at times.
Kent

 

[Vaco]

Dave

best thing that sniper does imo for a new/unprofitable trader is reduce overtrading. most on here have adjusted system to their own needs.

Some place sl below previous candle low or last swing low to reduce sl size, others wait for a pullback after signal to enter.

The system helps you trade with the trend untill you learn to identify it yourself and stops you trying to pick bottoms/tops because the turn has already occurred by for the signal to trigger.

More money has been lost picking tops/bottoms then coming in to a trend late.

winning % can be increased by locking in profits sooner if so desired.

A lot of people struggle to read a neked chart or even to identify set ups using indicators, the sound of the bell and the appearence of the arrow is to me a signal saying get ready to trade in this direction.

Anyone who is offended by your critique should go live in a cave with no internet

 

[GumRai]

.........................................
More money has been lost picking tops/bottoms then coming in to a trend late.

...........................

Sorry to cut your post to pieces, but this one sentence stands out!
Any newbie to trading should read this sentence, write it down and stick it up on the wall and look at it every day.
It is probably one of the truest statements that you will ever see.

 

[DaveJB]

Okay,
I find much to agree with in your comments Kent - my opinion (fwiw) is that your success with the system has rather more to do with your filtration through you other TA methodology than perhaps you think. Were I to continue with Sniper I think I'd actually now be looking to use price action with the coloured bands to determine whether to enter/exit etc, as it's the trend A/B bars that add the delay to the system. In reality I'm going to stick with price action combined with S/R, Sniper to me is a system that tells me there's a trend some time after I can already see it.

'Legendary' means nothing on T2W, I am still in the game 10 years after starting, but this is still not where I make most of my extra money each year.

F1F - I've looked at a large number of systems over the years, 'The Edge' for one gives entry signals within a bar of the event it's detecting - as will many a divergence system, and like many other such systems it'll kill you in a trending market.

Systems always have weak points, Sniper's (imo) are the lag that allows too much of most moves to pass before entry, and the lack of precision in exit. It looks to me like Kent is going some way to improving on both, but I suspect not all will manage the same - EW is not a precise science, I'd class it as one of the more difficult areas of TA to master and far more like an art.

One area I think that might repay a little work is candlestick analysis/price action, looking for bearish/bullish indications as the red/blue bands change colour - a pin bar top prior to the bands turning red for example might obviate the need to wait for trend A and B.

Not too sure about the dropping to a lower timeframe idea when a signal starts to form on the 1H chart, as a trend following system I'd expect the lower timeframe to invariably already show the same signal, just as a 20 MA will turn before the 50 MA ... the point is that if you go on the lower timeframe sigfnal you will inevitably sometimes enter a signal that plays out so fast that it never appears on the higher timeframe - you aren't fine tuning the timing of the longer timeframe, you are actually operating on the shorter t/f.

Well, enjoy yourselves folks, I'd be interested to hear of anyone trading the system purely iaw instructions who is doing well, as I think some of you are actually probably using it more as a confidence booster for already acquired TA skills - and it's that skill that is actually making the difference between profit and loss.Which is fine, as it's all about showing a profit after all.

Dave

 

[DaveJB]

Excellent post Elefteros, in my view -
conveying much of what I meant to say far more eloquently!

I'm not saying Sniper isn't useful, but I think it's actually profitable for those who have latent ability in TA, and it's that ability that makes the difference. Sniper as a mechanism by which discipline in trading is learned is by no means something to sniff at.

Dave

 

[forexkunta]

Hey Dave,
You know, as one progresses in the knowledge of trading, ideas and filters enter your head that work, usually by someone telling you about them, in forums or other situations. Then no matter how long you are around, it will always be there. I saw your post above and I really appreciate what you said and also agree. When it comes to finding a trend and giving an alert, in most cases Sniper has alerted within 6-8 hours of that trend starting, give or take an hour or two, which is not bad when that trend is likely to last from 18 hours to 3 days or more. I also attribute my learning to spot EW formations to the MA's on Sniper. After you learn the basics, you can see the 5 wave advance and 3 wave correction on a chart better with sniper, imho. So am I using other filters with Sniper, afraid so, but now I just can't help it. It didn't start out that way tho. I have only been trading since April 1, 2009, and the first 2 months was with robots and other junk systems. The I aquired Sniper the first of June, after filtering thru about 10 trading systems that didn't work for crap, or so I thought. I think some of that was severe inexperience. Thank goodness they were all clickbank. As a result, I have gotten better, and I can't argue with that.
Regards,
Kent

 

[DaveJB]

Good luck with it Kent,
you look to be heading in the right direction - I don't want to bad mouth Sniper (it is, imo, at least as good as most of the systems I've looked at and chosen to ignore). I suspect you'll find you don't need it in due course, but that doesn't mean you won't have benefitted from its use for a while enroute.

Not a system I'll be buying in the end, so I'll leave you guys to it - good luck to all.

Dave

 

[forexkunta]

Thanks Dave,
May the pips be with you, also.
Kent

Good luck with it Kent,
you look to be heading in the right direction - I don't want to bad mouth Sniper (it is, imo, at least as good as most of the systems I've looked at and chosen to ignore). I suspect you'll find you don't need it in due course, but that doesn't mean you won't have benefitted from its use for a while enroute.

Not a system I'll be buying in the end, so I'll leave you guys to it - good luck to all.

Dave

 

[forexkunta]

One of the most important features of Sniper to me is the email alert, which I have going to my blackberry. Since I live in the US, the London open is in the middle of the night for me, and with my day job, I can't be up 24-5 with the markets. So the alert is sent to me, wakes me up, and I can go evaluate the trade at that point in time. So as far as I am concerned, Sniper is invaluable for my trading. My family would shoot me if I started staying up all night and sleeping during the day. Trading is nothing more than a part time job at this point, so much growth is needed before it becomes a main source of income. I really feel that at some point it will be, but some time does remain before that happens. So with that said, I would pay a new license fee on an annual basis just for that feature alone.
Regards,
Kent

Good luck with it Kent,
you look to be heading in the right direction - I don't want to bad mouth Sniper (it is, imo, at least as good as most of the systems I've looked at and chosen to ignore). I suspect you'll find you don't need it in due course, but that doesn't mean you won't have benefitted from its use for a while enroute.

Not a system I'll be buying in the end, so I'll leave you guys to it - good luck to all.

Dave

 

[FormulaOneFan]

Hello Kent,

If you don't mind me asking. Do you use any EW indicators? Does it give you wave identifiers and signals when you enter and exit? Just before trading trying to manually analyse the wave and which one we are on and which way it is going to go could be difficult isn't? So if there is a system in place then it could be easy?

any comments kent?

 

[forexkunta]

any comments kent?

I am sorry Fan, kinda got sidetracked. No, I don't use any EW indicators. The only thing i use is Fibs to project wave lengths. I havent found anything out there that is reliable in counting waves for me. It is very useful to look at the charts other people do, to help you in learning. Salvador has a blog in which he counts waves on charts daily, and I have found it invaluable in my learning process. He posted his blog in a earlier post it you want to check it out.
Here are a couple more links to web sites that do the same. These guys are very good also:
Kenny's Technical Analysis Blog
Daneric's Elliott Waves

Kent

 

[FormulaOneFan]

I am sorry Fan, kinda got sidetracked. No, I don't use any EW indicators. The only thing i use is Fibs to project wave lengths. I havent found anything out there that is reliable in counting waves for me. It is very useful to look at the charts other people do, to help you in learning. Salvador has a blog in which he counts waves on charts daily, and I have found it invaluable in my learning process. He posted his blog in a earlier post it you want to check it out.
Here are a couple more links to web sites that do the same. These guys are very good also:
Kenny's Technical Analysis Blog
Daneric's Elliott Waves

Kent

Thanks kent.

 

[forexkunta]

Everyone staying out of the markets?

 

[forexsniper]

Everyone staying out of the markets?

I'm out. Last time the US had a public holiday and I traded following Sniper, I lost money!

I'll keep my capital for tomorrow

 

[forexkunta]

I'm out. Last time the US had a public holiday and I traded following Sniper, I lost money!

I'll keep my capital for tomorrow

Sunny,
I am in, but using EW. Is time for the a-b-c correction on guppy, cable, and aussie. I am short on all three. Went in at 152.75 on guppy, 1.6402 on cable, and .8527 on Aussie. The s/l is was very tight at around 30 pips on each. All are 6-16 pips in profit at the present. But, am doing these on demo. Just trying to prove a point to myself about EW. Should have somewhere between 105 and 200 pips to run on cable.

Kent

 

[GumRai]

No new signals, so nothing looks too interesting, with or without Sniper.
Cable is still indicated as a long by sniper and is currently testing the broken resistance (now support?) at 1.6380, So will see if this support line can hold. If a break down from here 1.6360 would be the next resistance level. Not exactly big moves between resistance levels, so I think that I will leave well alone for at least a few hours and see what develops

 

[GumRai]

EuroUSD never gets much of a mention here.
It's given as a long by Sniper, not so much above when the signal was given. It's broken resistance on the H1. The last hour timeframe closed at a higher close than we've seen since the 1st September.
All in all looks pretty good as a long, but it's before 6AM UK time and a holiday today in the US. Maybe I will have a small punt as it passes a lot of criteria.
1.4330 now.
Take a look, you might think it worth a go. This is not a recommendation I hastened to add. If you take a look, like it and want to trade it - it's your decision alone!
Before I looked at Sniper, I only ever traded EUROUSD as I thought it best to concentrate on just one pair while learning about the Forex market. Been neglecting it lately as Sniper concentrates on GBPUSD.

 

[forexkunta]

No new signals, so nothing looks too interesting, with or without Sniper.
Cable is still indicated as a long by sniper and is currently testing the broken resistance (now support?) at 1.6380, So will see if this support line can hold. If a break down from here 1.6360 would be the next resistance level. Not exactly big moves between resistance levels, so I think that I will leave well alone for at least a few hours and see what develops

We will have to see how the resistance does at 1.6360. 1.6380 has been breached and I expect 1.6360 also. Now setting at 25 pips profit on cable.
Kent

 

[forexkunta]

EuroUSD never gets much of a mention here.
It's given as a long by Sniper, not so much above when the signal was given. It's broken resistance on the H1. The last hour timeframe closed at a higher close than we've seen since the 1st September.
All in all looks pretty good as a long, but it's before 6AM UK time and a holiday today in the US. Maybe I will have a small punt as it passes a lot of criteria.
1.4330 now.
Take a look, you might think it worth a go. This is not a recommendation I hastened to add. If you take a look, like it and want to trade it - it's your decision alone!
Before I looked at Sniper, I only ever traded EUROUSD as I thought it best to concentrate on just one pair while learning about the Forex market. Been neglecting it lately as Sniper concentrates on GBPUSD.

I have been looking at EURUSD as a possible pair to trade for the low spread, but it has been in a range of about 200 pips since around the 19 Aug. Has been very erratic. Not a possibility in my opinion. But that's just my 2 pips.
Kent

 

[pircj]

I am sorry Fan, kinda got sidetracked. No, I don't use any EW indicators. The only thing i use is Fibs to project wave lengths. I havent found anything out there that is reliable in counting waves for me. It is very useful to look at the charts other people do, to help you in learning. Salvador has a blog in which he counts waves on charts daily, and I have found it invaluable in my learning process. He posted his blog in a earlier post it you want to check it out.
Here are a couple more links to web sites that do the same. These guys are very good also:
Kenny's Technical Analysis Blog
Daneric's Elliott Waves

Kent

Thanks Kent, apreciate your suggestions for looking at others working on EW...

Please find attached a file I recently found somewhere - it's like a condensed theory of EW to stick on your computer... I don't know much of EW really so don't know also if it is of some value or not... Please advise. Thanks!

Jerry