Sniper Forex System

Elfteros I don't agree. I think Gumrai has a VERY good point.

Stop losses are essential to good trading.

Too tight stops don't allow price to breathe and can close your position on a small pullback (which happens quite often with Sniper in particular).

Having backtasted several system and playing with SLs I discovered they are very important to the overall profitability of the system. (the other essential things are of course money management, position sizing and profit exits of course)

I do agree though that it is important to understand the system and only than trade it successfully.

Regards, jerry

Elefteros said:
Gum,

the point you are making will effect a minimal no of trades over the long run.

The only advice i can give you is to trust your eyes.

Go back throught the chart,

look at the sniper signals

look at what happens after them,

look at the sniper stops

see how price reacts to them,

then decide how you want to trade the system.

your risk tollerance and how much you want to take from each trade is very personnal.

Make the system your own.

This is the only way to grow in confidence as a trader.
Click to expand...
 
greenfield said:
Hello GumRai,
The answer is – I don't know. Sorry! I could go back and look at the 130 trades that I've taken, but you'll forgive me if I don't! It's probably a question of swings and roundabouts.
Your record of September trades – that's close to what I have. I'm 3 pts up (not counting the long that closed Sept 1st - -11pts).
Bye,
Click to expand...

Greenfield,
I am guessing that the total you are showing is just single trades as they are coming up, and closing according to Sniper rules.
Now, what is your total pips gained with your extra entry on each trade, with the 75 pip target?
Kent
 
dkarrington said:
Greenfield,
I am guessing that the total you are showing is just single trades as they are coming up, and closing according to Sniper rules.
Now, what is your total pips gained with your extra entry on each trade, with the 75 pip target?
Kent
Click to expand...

Hello Kent,
I've only been using the 2 trade system for 2-3 months, but the gain for each trade works out at approx 22 pts per day (18 per trade). So that could be seen as 44 pts per day, but as both trades are part of a 3% MM system, I think that it is, strictly speaking, more correct to state 22 pts a day. It depends on how you look at it.

My experiments with GUPPY show a gain of 371 pts since 21 Aug (not including TP trades!) - 31 pts per day, having taken a bit of a hit over the last few days. But, clearly, that's really too short a period to give much weight to. Encouraging though.
Bye,
 
greenfield said:
Hello Kent,
I've only been using the 2 trade system for 2-3 months, but the gain for each trade works out at approx 22 pts per day (18 per trade). So that could be seen as 44 pts per day, but as both trades are part of a 3% MM system, I think that it is, strictly speaking, more correct to state 22 pts a day. It depends on how you look at it.

My experiments with GUPPY show a gain of 371 pts since 21 Aug (not including TP trades!) - 31 pts per day, having taken a bit of a hit over the last few days. But, clearly, that's really too short a period to give much weight to. Encouraging though.
Bye,
Click to expand...

Well, I think that if you are taking pips, the total should be counted. 2 positions, are 2 positions. That makes you even more profitable. That's just my opinion. If you add 20 trading days per month, that means a total of 880 pips gain. Which is damn respectable in my book.
Kent
 
greenfield said:
Hello Kent,
I've only been using the 2 trade system for 2-3 months, but the gain for each trade works out at approx 22 pts per day (18 per trade). So that could be seen as 44 pts per day, but as both trades are part of a 3% MM system, I think that it is, strictly speaking, more correct to state 22 pts a day. It depends on how you look at it.

My experiments with GUPPY show a gain of 371 pts since 21 Aug (not including TP trades!) - 31 pts per day, having taken a bit of a hit over the last few days. But, clearly, that's really too short a period to give much weight to. Encouraging though.
Bye,
Click to expand...

Gum,
This is a perfect example of what Elfteros was talking about. Greenfield has taken Sniper and over a period of several months, he has made Sniper conform to his trading style. I also feel like that is a must.

Now, talking about exit strategies, here is an idea I am going to work on. Once in a trade via the 1hr chart, how about exiting according to the 30m chart. Would save some pips, I'm thinking.

Kent
 
dkarrington said:
..................Now, talking about exit strategies, here is an idea I am going to work on. Once in a trade via the 1hr chart, how about exiting according to the 30m chart. Would save some pips, I'm thinking.

Kent
Click to expand...

Hello Kent,
This thread is progressing really well. It's good that people are looking at different ways to get the most out of Sniper and trading generally.

With the 30M exit – that might work. What we need is for some very patient person to go back through the trades to make a comparison. The problem may be that we would exit a trade which may turn around and carry on in its original direction. In the same way that someone may enter a trade using 15M or 30M but find the trade never gets anywhere, heading back to the SL. But I don't know. We need some figures.

What I'm seriously thinking of doing when MM considerations allow, is to enter a third trade and treat it in a similar way to the way I do with equities, that is skim off profits as and when it seems appropriate (using S&L levels possibly). I realize that this is not far off the official Sniper suggestion of dividing each trade into 5, but this is (as is my TP75 trade) rather mechanical/dogmatic and not in keeping with the realities of each individual trade.
Bye,
 
Last edited:
greenfield said:
Hello Kent,
This thread is progressing really well. It's good that people are looking at different ways to get the most out of Sniper and trading generally.

With the 30M exit – that might work. What we need is for some very patient person to go back through the trades to make a comparison. The problem may be that we would exit a trade which may turn around and carry on in its original direction. In the same way that someone may enter a trade using 15M or 30M but find the trade never gets anywhere, heading back to the SL. But I don't know. We need some figures.

What I'm seriously thinking of doing when MM considerations allow, is to enter a third trade and treat it in a similar way to the way I do with equities, that is skim off profits as and when it seems appropriate (using S&L levels possibly). I realize that this is not far off the official Sniper suggestion of dividing each trade into 5, but this is (as is my TP75 trade) rather mechanical/dogmatic and not in keeping with the realities of each individual trade.
Bye,
Click to expand...
A good exit is to set a trailing Stop, auto or manual, this way let the market take you out at the end of the run. I got some good pointers too, like bar formation in the region of achieved ATR, bands proximity or fibs level which I also use as exits.
 
Jerry,
I managed to open your spreadsheet, I had to download a converter to allow me to use in my version of excel.
Thanks for that :)
Only one thing you may want to check your short entry for 5PM 7th Sept, I think that you have entered the wrong figure, I have it as around 1.6350 whereas you have it at 1.6434.
Also you haven't included the short from 7PM 3rd September.
 
Hey all,
Just about the time all of you are coming online to start the london session, I am about to go to bed. Damn!
Kent
 
I think we are coming up on a 3rd wave of a 3rd wave on G/U and G/J. Should shoot thru the roof after while.
Almost as good as G/U yesterday morning.
Kent
 
I thought that you were off to bed Kent!
Can't keep a good man down when he sniffs a trade :)
I've been watching GBPJPY this morning. Sniper is indicating a long, but it's retracted a bit from when the signal was given. Only thing is that it's slap bang in the middle of support and resistance. But the bulls wrested control from the bears in the last 30 minute candle and look to be holding on to power in the current hour candle, so it's definitely got long prospects.
Live or demo deal?
 
Personally I was looking for it to go down to support at 152.20 and bounce off to give me a long, but I hope that it keeps going up for you now.
 
GumRai said:
I thought that you were off to bed Kent!
Can't keep a good man down when he sniffs a trade :)
I've been watching GBPJPY this morning. Sniper is indicating a long, but it's retracted a bit from when the signal was given. Only thing is that it's slap bang in the middle of support and resistance. But the bulls wrested control from the bears in the last 30 minute candle and look to be holding on to power in the current hour candle, so it's definitely got long prospects.
Live or demo deal?
Click to expand...

Live! The E-wave count says it should go long with a bang. We should be beginning a 3rd of a 3rd, something I dont like to miss. It is usually really awesome. At the moment I am up 8 pips, so bed will have to wait a little while. When London goes online, it should really move. Similar to yesterday. I sat that one out. I have my t/p at 153.50, which is 25 pips below my ATR indicator range. And Sniper is giving me a really good s/l at 53 pips. That is unusual.
 
Re Guppy,
Not being capable of reading waves, I'd be interested to know how long (in pips) your counted wave 1 of 3 was. The 3rd wave is usually the longest, but never the shortest, correct?
Chart with the wave count will be good, if you have the time :)

It's starting to move a bit now, if it can push thru resistance at 152.75/85, I think that you will have some pips in the bank here.

Good luck
 
GumRai said:
Jerry,
I managed to open your spreadsheet, I had to download a converter to allow me to use in my version of excel.
Thanks for that :)
Only one thing you may want to check your short entry for 5PM 7th Sept, I think that you have entered the wrong figure, I have it as around 1.6350 whereas you have it at 1.6434.
Also you haven't included the short from 7PM 3rd September.
Click to expand...

Glad to hear GumRai.

Yes, my error. 7th of Sept. my entry was at 1.6341.

Mine short on 3rd of September is at 5pm (FXCM charts).

These should be more or less exact numbers, since they were given by EA Alerter Real-time and sent to my email so it is archived...

When I will have some time I will add writing these numbers to file be EA Alerter, which can then easily be copied to Excel for analysis...

Kr, Jerry

1.9.2009 11:01:00 1.6235 s
2.9.2009 11:16:00 1.6188 l
3.9.2009 7:04:00 1.6314 l
3.9.2009 20:00:00 1.6322 s
4.9.2009 17:02:00 1.6384 l
7.9.2009 10:00:00 1.6414 l
7.9.2009 17:09:00 1.6341 s
8.9.2009 9:46:00 1.6420 l
 
GumRai said:
Re Guppy,
Not being capable of reading waves, I'd be interested to know how long (in pips) your counted wave 1 of 3 was. The 3rd wave is usually the longest, but never the shortest, correct?
Chart with the wave count will be good, if you have the time :)

It's starting to move a bit now, if it can push thru resistance at 152.75/85, I think that you will have some pips in the bank here.

Good luck
Click to expand...

Wave 1 was about 143 pips. The 3rd wave is usually the longest, and NEVER the shortest. Right now we should be in the 3rd wave of the 3rd wave, If my count is correct, so should move pretty fast and long. I will post a chart for you tomorrow, my time. About to go to bed. Waiting for a good profit before turning in.
Kent
 
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