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 tau Keep it up Elefteros, this journal is a great idea. Are you still waiting for any ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Apr 23, 2009, 5:09pm   #11
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread
Quote:
Originally Posted by tau View Post
Keep it up Elefteros, this journal is a great idea. Are you still waiting for any form of retrace after the initial signal or just going for it regardless? Are you using the sniper stops too- I've found them to be quite large on 4h but they are good at keeping you well in the move if you can sit on your hands!
Thanks for dropping by Tau,

I'm very much using my own judgement when it comes to entry. I flip to the daily charts to see what the next big move is likely to be and if I think that is is in the same direction as the signal and theres a safe place for my stop then i go for it. If the sniper stops have already switched position eg you get a long signal and the stop has moved below then i will wait for a retracement.

Because of this its important never to put your stop on the parabolic sar/sniper stop this is true of the 1 hour timeframe as well.

If you trade this software exclusively waiting for a retracement back to the stop and then entering you will have a very nice risk/reward system that is profitable imho but you will miss out on the ones that just run away.

The important thing is to manage your exits and stops and look at the time frame above when deciding to take a signal or not.
Vaco is offline   Reply With Quote
Old Apr 23, 2009, 10:17pm   #12
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread No new trades to report this evening and i have not closed out any positions either.

All 5 trades are going my way at the moment to the tune of 550 pips but thats the floating p&l and means nothing until I close them.

Still a good start to the campaign.
Vaco is offline   Reply With Quote
Thanks! The following members like this post: Joey25
Old Apr 23, 2009, 10:31pm   #13
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread Couldn't resist as i'm on a roll, Ive gone long usdjpy but i've done it based on what I saw on the daily chart rather then the 4h so i've posted both below. The signal was given on the 4h chart so still a valid trade.
Attached Thumbnails
usdjpy-4h.gif   usdjpy-daily.gif  
Vaco is offline   Reply With Quote
Old Apr 24, 2009, 8:39am   #14
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread 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)
Vaco is offline   Reply With Quote
Old Apr 24, 2009, 9:07am   #15
Joined Feb 2009
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)
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?
cedricthefrog is offline   Reply With Quote
Old Apr 24, 2009, 10:55am   #16
tau
 
6 Posts
Joined Oct 2008
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!
tau is offline   Reply With Quote
Old Apr 24, 2009, 10:36pm   #17
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread
Quote:
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
Vaco is offline   Reply With Quote
Old Apr 24, 2009, 10:41pm   #18
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread
Quote:
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
Vaco is offline   Reply With Quote
Old Apr 25, 2009, 12:41am   #19
tau
 
6 Posts
Joined Oct 2008
Quote:
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.
tau is offline   Reply With Quote
Old Apr 25, 2009, 12:52am   #20
 
Vaco's Avatar
Joined Apr 2004
Vaco started this thread
Quote:
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.
Vaco is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Sniper Forex System stevespray Forex 2900 Dec 16, 2014 11:54am
Forex Journal TT2008 Forex 3 Jul 24, 2008 2:35pm
My forex Journal honasona Trading Journals 1 Jul 26, 2007 11:02pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)