My Sniper Forex Journal

This is a discussion on My Sniper Forex Journal within the Trading Journals forums, part of the Reception category; Originally Posted by Elefteros last nights trade isn't working out and because i placed my stop using the daily chart ...

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Old Apr 24, 2009, 9:55am   #16
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Quote:
Originally Posted by Elefteros View Post
last nights trade isn't working out and because i placed my stop using the daily chart loss is currently running higher then i would normally allow for. Maybe I should only place trades in the morning when i'm fresh.

EURJPY has been closed for scratch(1 point profit)
Hi Eleftros, I was really interested to see how that trade would work out as looking at it last night neither the 4h or daily had given a confirmed sniper entry (signal plus both trend indicators also the same colour) if fact the 4h would have indicated short on 4am candle and the 1hr would have been a great short from 9pm. Nevertheless a good experiment which, as you say, demonstrates that sticking to the rules is very effective.

I'm testing sniper using fractal entries on both 4hr and 1hr charts based loosely on your idea that quite often there is a significant retrace after the initial signal, using the fractal entry gets you in to the move later, a few pips less, but helps confirm you get on any substantial trend and allows shorter stops as the retrace has already happened.

I don't want to hijack this journal with what i'm doing. It's great to follow your progress, keep at it! 500+ pips paper profit is impressive so far!
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Old Apr 24, 2009, 9:36pm   #17
 
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Originally Posted by cedricthefrog View Post
Or stick to you're rules of only working from the 4h chart?

By the way, is this Sniper forex system just an indicator for MT4?
lol, well I did say I started the journal to keep me honest and your comments certainly do just tht.

Yes it is a custom indicator, Unfortunately the creator sells it rather then providing for free but if you like it how you get hold of it is no concern of mine
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Old Apr 24, 2009, 9:41pm   #18
 
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Originally Posted by tau View Post
Hi Eleftros, I was really interested to see how that trade would work out as looking at it last night neither the 4h or daily had given a confirmed sniper entry (signal plus both trend indicators also the same colour) if fact the 4h would have indicated short on 4am candle and the 1hr would have been a great short from 9pm. Nevertheless a good experiment which, as you say, demonstrates that sticking to the rules is very effective.
Tao,

It was an i'm invincable always right the market will do as I predict trade

Quote:
testing sniper using fractal entries on both 4hr and 1hr charts based loosely on your idea that quite often there is a significant retrace after the initial signal, using the fractal entry gets you in to the move later, a few pips less, but helps confirm you get on any substantial trend and allows shorter stops as the retrace has already happened.

Would love to hear more pls post your setups with charts, will do no harm always willing to learn.

I don't want to hijack this journal with what i'm doing. It's great to follow your progress, keep at it! 500+ pips paper profit is impressive so far!
errr who said anything about paper profit. this is live baby (albeit a micro account)

0.02 lots per trade floating p/l is currently +£80

nothing new to report tonight moved a few stops but no new trades.

Have a great week end
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Old Apr 24, 2009, 11:41pm   #19
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Originally Posted by Elefteros View Post
Tao,

It was an i'm invincable always right the market will do as I predict trade



errr who said anything about paper profit. this is live baby (albeit a micro account)

0.02 lots per trade floating p/l is currently +£80

nothing new to report tonight moved a few stops but no new trades.

Have a great week end
Have good weekend!
Paper in the sense that it hasn't been realised yet, looking good though.
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Old Apr 24, 2009, 11:52pm   #20
 
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Originally Posted by tau View Post
Have good weekend!
Paper in the sense that it hasn't been realised yet, looking good though.
I have a different view on that. None of it is really realised until you remove it from your trading account and spend it.

Holding a position in profit is no more risky then opening up a new one. theres no difference between losing profit on this trade or getting stopped out on the next one. Whilst i'm trading my capital is at risk.

I will never be able to call tops and bottoms (apart from the odd occasion that I get lucky) and thats why my stop is placed where i think the trade is wrong not where i think the theoretical risk reward is to my liking.
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Old Apr 27, 2009, 8:24am   #21
 
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Vaco started this thread Morning guys,

Hope everyone had a nice weekend

USDJPY got stopped out which is probably a good thing as it will stick in my head and prevent me making any more God trades (for a while anyway)

MY positions in all other trades have been halved now as the sniper trend bars are no longer both the same colour.

Rest of it will run until stop hits.

When I get some time I'll set up a spreadsheet showing the profit from exiting when the trend bars change colour and exiting at the stop. Once i've got a large enough sample size (at least 100 trades i'll make a decision on which exit yields the most pips and what the average is, then i will look at tweaking exit strategy IF required.
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Old Apr 27, 2009, 8:29am   #22
 
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Vaco started this thread Forums playing up this morning first it told me it was a dbl post so i deleted, then it wasnt there so i retyped then it was there again
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Old Apr 27, 2009, 8:29pm   #23
 
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Vaco started this thread Everything has been stopped out apart from USDCAD which is still going. Getting out at the first sign of weakness proved more profitable on this occasion.
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Old Apr 27, 2009, 10:07pm   #24
 
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Vaco started this thread entered long here with the stop just under the sniper stop.
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Old Apr 27, 2009, 11:11pm   #25
 
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Vaco started this thread Done the sums now

After 5 completed trades, thats both parts closed out. I have 3 winners 1 loser and the one I scratched for 7 pips

I'll call exiting when the trend line changes colour exit A from now on and the stop exit, exit B

exit a 434 pips
exit B 318 pips

Ave 125 pips per winning trade.

losing trade 138 pips (the daft trade when i switched to the daily)

so R:R is 1:0.9
and winning % is 60%
20% break even
20% losers
Trade 6 is the usdchf which i have not closed the second half on yet so that will help as well.

Statistically 5 trades means nothing but this is how I will report the results going forward so I thought I'd get the ball rolling.
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Old Apr 28, 2009, 6:05am   #26
 
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Vaco started this thread short entered on GBPUSD
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Old Apr 28, 2009, 12:28pm   #27
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Originally Posted by Elefteros View Post
short entered on GBPUSD
Me too! But it ain't looking good so far!

I've found the gbpusd just in a chop zone for the past 2 weeks. quite frustrating.
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Old Apr 28, 2009, 1:45pm   #28
 
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Originally Posted by sunnywan View Post
Me too! But it ain't looking good so far!

I've found the gbpusd just in a chop zone for the past 2 weeks. quite frustrating.
Hi Sunny thanks for dropping by.

Out of curiosity are you applying your own rules for entry after the signal because under the original rules you should not be in this trade, sniper trend has remained blue.

Let us know what criteria you are using for entering/exiting trades.
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Old Apr 28, 2009, 2:29pm   #29
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Originally Posted by Elefteros View Post
Hi Sunny thanks for dropping by.

Out of curiosity are you applying your own rules for entry after the signal because under the original rules you should not be in this trade, sniper trend has remained blue.

Let us know what criteria you are using for entering/exiting trades.
Hi Elefteros,

On my charts (4H), I got the all clear to go short (see attached pic).

My entries are Gary's original rules. Same with my exits, but I like your idea of selling half when you get one sign of an opposite colour. I've had some winners, but gave up about half the potential gain as the sniper indicators are lagging indicators.

I think if we just stick to it, we'll end up winning. I'm viewing this just as a bad period which is inevitable in any trading. Its been like this for about the past 2 weeks now. The 1H charts would've faired better in this case as it would've got us in and out of the trade more quickly.
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Old Apr 28, 2009, 3:48pm   #30
 
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Vaco started this thread MY bad sunny I missed that, its there on my chart too

Where did you put your stop?
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