My Sniper Forex Journal

Vaco · Apr 21, 2009

I've opened up an Alpari account so that I can trade micro stakes.

I wanted to trade this system live without risking too much capital so the account has £200 in it and will be trading 0.02 lot size.

I will be taking signals from all/any of the currency pairs but only from the 4h chart.

The sniper entry will act as an alert only and not an automatic entry. I will then enter either on a retracement to sniper stop or a break out from an inside bar set up.

The purpose of the journal is to keep me honest, stop myself breaking rules around trade set up and money management and stick to the plan through thick and thin.

Criteria for giving up on this setup is a blown up account. This is so that i dont pack it in at the first sign of a losing streak.

I am currently working between 10--8 gmt+1 most days of the week with no access to the charts so i may miss a setup here or there but thats just the way it is.

I will exit half the position on a trade if the sniper trend bar changes colour and the rest on the stoploss been hit.

No charts for now as there are no new trades. Will post chart and update as soon as I getmy first signal.

Vaco · Apr 21, 2009

I've had my first signal on usd/chf to go short but no inside bar and the sniper stop is still below so for now we just wait.

Vaco · Apr 21, 2009

OK,

I put out a few more charts and saw a signal on gbpchf theres been a nice retracement from the initial signal up towards the sniper stop.

Order is in to go short if it touches the sniper stop at 1.7180 with a sl at 1.7250

The chart also looks like a nice head & shoulders pattern (or it will do if it drops after hitting my entry)

Vaco · Apr 21, 2009

hmmm, maybe part of my stratagy should be to switch off the pc after 9pm.

I.ve gone long on eurgbp on a retracement back to the sniper stop.

I've also placed a n order on usdjpy to go short if it moves up to 99.06

wildpips · Apr 22, 2009

Nice thread Elefteros....I'll follow keep going

Almost gotcha your entry at 1.7180 on GBPChf

Vaco · Apr 22, 2009

entry signal taken long on eur/usd

Vaco · Apr 22, 2009

wildpips said:
Nice thread Elefteros....I'll follow keep going

Almost gotcha your entry at 1.7180 on GBPChf

Would have been very nice if i did get in on that one its dropped over 160pips already

Vaco · Apr 22, 2009

Good start to the journey with eur/gbh at +150 and eur/usd up about 60pips. Also missed a few other signals that would have gone my way. Still getting used to looking at so many different charts as i've always only raded one instrument at a time in the past.

Very tempted to close out my positions now but the idea is to let the winners run so i'm going to stick to the plan and exit half when one of the sniper trend bars turns red and the other half when the stop hits.

Vaco · Apr 23, 2009

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

short on usdcad
long on eurjpy
short usdsgd

charts below

tau · Apr 23, 2009

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!

Vaco · Apr 23, 2009

tau said:
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 · Apr 23, 2009

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 · Apr 23, 2009

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.

Vaco · Apr 24, 2009

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)

cedricthefrog · Apr 24, 2009

Elefteros said:
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?

tau · Apr 24, 2009

Elefteros said:
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!

Vaco · Apr 24, 2009

cedricthefrog said:
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:whistling

Vaco · Apr 24, 2009

tau said:
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

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

tau · Apr 24, 2009

Elefteros said:
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.

Vaco · Apr 24, 2009

tau said:
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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