Sniper Forex System

[SandyW]

Yes the stops are 60 pips+ as with any system that tries to follow a new trend the indicators lag so the stop is wide so you dont get stopped out if there is an initial pullback after entry................QUOTE]

I have removed the Sniper Stop and am using PAR on the standard settings instead. Just feels smoother to me, but don't know yet how it will work out. Any thoughts anyone?

 

[Vaco]

Sandy, i would probably set my stop at the previous bars high/low +a few pips, the best moves dont ever look back. if the market is in a tight range before the signal then i would probably put the stop above/below support/resistance

 

[SandyW]

Sandy, i would probably set my stop at the previous bars high/low +a few pips, the best moves dont ever look back. if the market is in a tight range before the signal then i would probably put the stop above/below support/resistance

Elefteros,

I think that is very logical, and if my "systematic" way doesn't work that will be the next step. Either way, I don't like the standard Sniper stop. Probably very wrong, especially as I haven't even consulted Gary on the matter!

 

[trendie]

Wilmer,
the setting of 30 I'm referring to isn't the time frame, it's the sniperperiod setting in the "inputs" tab when you install the sniper. 30 is the default number. I'm just wondering if anyone has altered it and what results they may have experienced.

is this the approx sniper look? (sorry, cant help but deconstruct it.)

 

[Vaco]

Elefteros,

I think that is very logical, and if my "systematic" way doesn't work that will be the next step. Either way, I don't like the standard Sniper stop. Probably very wrong, especially as I haven't even consulted Gary on the matter!

Sandy, It depends on how you want to make your money. If you are looking at closing your positions for a profit very quickly taking whatever is on the table then eah winning trade will probably give you between 20-50 pips. It would be pointless to wipe out several winning trades profit with one loser.

If on the other hand you are looking to catch the big moves then the sniper stop gives the trade room to wriggle on its way.

I emailed Gary regarding the isue of stops when taking smaller profits, see below

''Gary,

With regard to the strategy and breaking it down into 5 lots to take profits at various levels. is this intended to be applied to the stop loss as well or should the stop loss for the full position remain at the sniper stop?

Thanks

Vincent''


Vincent

No, use it with a hard stop and not "Sniper Stop v2".

Regards
Gary

 

[Vaco]

is this the approx sniper look? (sorry, cant help but deconstruct it.)

by all means do, (then maybe we can backtest it) but the look is all wrong looks more like this

 

[SandyW]

is this the approx sniper look? (sorry, cant help but deconstruct it.)

It's a good start, and looks about right. Except that Sniper has three HMAs, I imagine one on the highs, one on the lows and maybe the third on the closes.

Then there are two histograms. Have no idea about how you might construct them!

 

[trendie]

by all means do, (then maybe we can backtest it) but the look is all wrong looks more like this

I think it a reasonable approximation. the centre line is the key one, and I can eyeball it changing colours almost to the bar when compared to your screen-shot.

its the upper and lower channel I cant fathom. (have tried using HMAs of highs and lows, but doesnt look the same).

was just a bit of fun anyway for a slow day today. (US Labor Day).

as an aside, when I used s-l-b-f's (nee wasp) HMAs, I used a 5-SMA of the Highs and Lows to use as pullback entries. works well for gentle trend changes, but you're left high and dry on violent shifts. (in up-trend, entry was 5-SMA of the Lows, and when HMA pointed down, waited for 5-SMA of the Highs for pullback. Was good for low-risk re-entries as well. All of this now abandoned.)

of course, you could use the Slope System style, of simply dropping to 5-mins and take trades in direction of higher time-frame.

good luck with this, seems quite a relaxing way to trade.

 

[tommac]

I too have been having a nose at this-- very mixed results so far though. Especially this morning.
I fear the results are no better than 50-50. Maybe I need a bit longer.

 

[Vaco]

trendie,

sorry humour doesn't always travel well over the www. i was just messing around.

Tommac mixed results this morning? what pairs are you trading on it? I have not had a single entry trigger as yet on the hourly timeframe.

 

[tommac]

I was messing with the time frames and had it on M30 and M15 -like you say ,no signals on the H1.
Probably teach me to play around . To be fair I had good results Friday. Trading only cable and eur/usd. Jury still out at the moment though.

 

[gonnamakeit]

elefteros.... or anyone using this system

thanks for sharing

a few q's


1)what pairs are you using ...and all on hourly i take it?

2)i am demoing since yesterday and the last signal on gbp/usd was 3pm bar on 29th aug....its still open so would it be foolish to jump in now as its too late ?? and if one did where would the stop be..still the red dot next to the arrow ??

3) Do you just moniter all the pairs all day and just wait for a signal...i guess you could have a look at the screen every hour or so...or do you somtimes jump in late ??

4) also do u trade directly using mt4 or do u place trades on a spreadbet ? Im with ig and was wondering if the small difference between current prices makes a difference ?

cheers

 

[Vaco]

elefteros.... or anyone using this system

thanks for sharing

a few q's


1)what pairs are you using ...and all on hourly i take it?

2)i am demoing since yesterday and the last signal on gbp/usd was 3pm bar on 29th aug....its still open so would it be foolish to jump in now as its too late ?? and if one did where would the stop be..still the red dot next to the arrow ??

3) Do you just moniter all the pairs all day and just wait for a signal...i guess you could have a look at the screen every hour or so...or do you somtimes jump in late ??

4) also do u trade directly using mt4 or do u place trades on a spreadbet ? Im with ig and was wondering if the small difference between current prices makes a difference ?

cheers

Hi gonna,

1.I am demoing for 1 week watching its performance on gbp/usd, eur/usd, usd/jpy, usd/chf al on the hourly. I am reporting results from gbp/usd here as this is the pair the system is recommended for.

2.You are right that is the last signal but i would not jump in now 200 pips late is missed the boat late. the sl is just above the most recent red dot.

3. i have the screen on in the back ground all day but mostly just watch around the end of the hour mark.

4. You can trade it from your spreadbet account.

Hope this helps.

 

[gonnamakeit]

cheers

1) whats the performance been so far on all pairs....also why would it just work for gbp.usd....volatility ?

2) also u say if for example i went in now then the stop would be above the most recent red dot ?

3) my chart only has red and blue no white....the example chart says there should be whit ebut ive back traked and no whte on my chart...have emailed G am awaiting a reply.

4) SURELY if this works forex cant be this easy ???

thanks

 

[Trader333]

Be careful with this as the USD has been strongly trending and it is easy making money when it does with almost any trend based approach.


Paul

 

[gonnamakeit]

has anyone backtested it for times when the markets arent trending ?

 

[Vaco]

Be careful with this as the USD has been strongly trending and it is easy making money when it does with almost any trend based approach.


Paul

On a choppy day this wll cut you to bits, I dont believe you need the market to be trending on higher timeframes to have a single day trend well. I would also say that i would only take the first signal on any pair each day, this will reduce the chances of hurting your account on choppy days.


I am new to forex so could be wrong but on the dow even in a downtrend you get days where going short would be suicidal as it just goes straight up on the hourlys.

What are your thoughts Paul?

 

[Trader333]

I was just urging caution and agree with you about choppy days.


Paul

 

[pvisser]

On a choppy day this wll cut you to bits, I dont believe you need the market to be trending on higher timeframes to have a single day trend well. I would also say that i would only take the first signal on any pair each day, this will reduce the chances of hurting your account on choppy days.


I am new to forex so could be wrong but on the dow even in a downtrend you get days where going short would be suicidal as it just goes straight up on the hourlys.

What are your thoughts Paul?

So if you were to take one trade a day on any particular pair do you think in the long run it will work out the same with winners/losers percentage?

 

[Vaco]

So if you were to take one trade a day on any particular pair do you think in the long run it will work out the same with winners/losers percentage?

I cant say after only 2 days of testing and everyone is likely to trade this differently. some will not hold overnight positions, others will have set profit targets and most likely the stops will be moved around by many as well.

I like stevespary am trying this out as a first venture into forex but i'm amazed at how much easier it is to spot support/resistance and trend in comparison to the dow which is where i normally burn my cash. This system is helping my trading but i understand there will be a great deal of discretion involved when live.

So to answer your question, in short it will vary from trader to trader. If i was to buy it at the end of the weeks trial i would only trade min size posible for the next 3 months regardless of account size.