My Sniper Forex Journal

closed half on euro/gbp for 132 pips and opened a few new trades

short on usdcad
long on eurjpy
short usdsgd

charts below

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.

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.

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.

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?

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!