Sniper Forex System

[greenfield]

..........With regard to your posted results, what profit taking strategy are you using?...........

Hello schweepus,
When I started using Sniper, I just opened 1 trade and let it run its course as per the rules. But I found there were a number of trades where large gains evaporated to break even or even ended up at a loss. So I thought I'd use a variation of the Sniper suggestion to divide each trade into 5. So I've been taking out 2 trades – 1 to exit when the system dictates, and the other (using a separate account) TP75. But I realized that the main result of this was psychological. I was able to make gains from trades that at one point were showing gains of 75, 80, 85 that went on to evaporate to nothing. But it also meant that I was missing out on the trades that made 100, 200, 300+ points. The data (see attachment) gives a 'what if' scenario – the average gains (over 6 months) if a TP50, TP55 etc. trade had been made. So a TP75 gives on average 18 points a day whereas the average gain letting a trade run its course is 22 points. As you can see, a much better TP level would be 135, the optimum at 160, 165, 170, 175. (I'll have to get round to entering the data for 180 and above.)

So recently I have changed tactics. Now I take out 2 trades – 1 that runs its course as per Sniper rules, and 1 which I treat in a similar way to the way I do with equities, that is skim off profits as and when it seems appropriate (using S&R levels possibly).This should be in keeping with the realities of each individual trade. I've actually been experimenting with the 2nd trade – I've also tried dividing that into 3 – TP75, TP100 and TP125. So it's a bit of an experiment - 'work in progress.'

salvadorveiga made a useful suggestion (post 1949):

how about instead of having a TP fixed, which is not logical having a TP that is dynamic?

For this you would check the Average Daily Range... so if the average for the past 5 days were to be 180 pips maybe you'd want to get out at 25-50-75% of that number and then let the rest go its course??

But one week later, if ADR is at 90 pips, your TP instead of being 0.75*180 would be 0.75*90 pips.

Tell us what you think. This thread has become really quite helpful. We're open to all suggestions.

1. What do you do when Sniper signals an entry when you are away from your computer (e.g. when you are asleep!) A good example of this is today where an long entry was signalled on Cable at around 1am (UK time). Do you just enter anyway first thing in the morning when you see this?

That's accounted for in the rules:

Fig 6: An entry in the Asian session becomes a valid trade if at 06:00 GMT or after ALL conditions still agree and price is within the range of 30-50 pips maximum of the origional entry arrow price.

This happened this morning. I took the trade – I'm glad I did!

Bye,

 

[fx_eagle]

no loss?

Anyhow, you guys are losing a lot of opportunities in other pairs... EURGBP which I advised a few days ago, is on a roll, no losing trade since last week of July. 2 months and half without losing trades :clap:

It just issued a short a couple hours ago and it's already 200 pips in profit yaaay

gu21.gif (image)

hi salvador,

if I look at the eurgbp , you say you trade H4, then I see at 06 of august a long what end in a loss, at 10 of august a short what end in a loss at 17 of august a long end in loss, if you follow the rules from sniper at H4, so I confuse, may coz I stay in europe at the moment and it is so cold

cheers

 

[salvadorveiga]

hi salvador,

if I look at the eurgbp , you say you trade H4, then I see at 06 of august a long what end in a loss, at 10 of august a short what end in a loss at 17 of august a long end in loss, if you follow the rules from sniper at H4, so I confuse, may coz I stay in europe at the moment and it is so cold

cheers

yes sorry i don't use the sniper filters... so I forgot to take that into account...but even so you're right there were a few scratch losers (10-30 pips) i count 2-3 trades

 

[john225]

greenfield which time frame are you trading?

 

[greenfield]

Nice one Greenfield, hope that the next 6 months are even better
By the way, before you were using the sniper stop without +/- 5 or 10 pips, are you still doing the same?

Hello GumRai,
No, I might as well stick to the rules, although as a compromise I use a SL of 8.
Actually, the previous rules weren't clear. On the one hand it stated:

….placing a stop loss at the value indicated by the most recent blue dot in a long trade and the most recent red dot in a short trade

But is also stated:

…..placing our stop loss just above the red dot corresponding to the red arrow. ….placing our stop loss just below the blue dot corresponding to the blue arrow.

I look forward to seeing how Sniper progresses as shown in your spreadsheet. I make 254 pts so far for October, with 191 pts with this present trade (although I think I may have got in a little late).
Bye,

 

[greenfield]

greenfield which time frame are you trading?

Hello john225,
GBPUSD 1HR. I've tried other time frames alongside 1HR, but I've found that this gives more consistent results. Also, it's the recommended time frame.
post 940124
Bye

 

[Vaco]

guys,

is it possible to write an ea that enters trades at sniper stop +10 pips of previous bar and allows for profit to be taken at pivot points.

if an ea could be writen for this stratagy it could even be backtested as the sniper stops do not disappear or move once the candle has closed and pivots are also set in stone.

 

[schweepus]

Greenfield, thanks for all the info! It would seem that there are a few strategies that people are using and I will be interested in doing so research into this in the future.Initially I will keep it simple and then if I am successful will look into ways of maximising the Profit

I like salvadorveiga's idea of using H4 timeframe as I will not be able to screen watch every hour. Just giving the Cable Sniper chart a quick eyeball for the last year it would seem that it could be traded successfully in this time frame.

Salvadorveiga I'm wondering if you would be interested in posting your results for the last 6 months for Cable in order to compare with Greenfields?

Thanks for all the info guys, it really helps a newbie like me get a feel for how people are using the system

 

[schweepus]

One other thing I wanted to ask is what other currency crosses (apart from Cable) are people trading with Sniper? From looking at previous posts it would seem that popular ones are GBPJPY and EURGBP. Anyone trying anything else?

Thanks

 

[GumRai]

Hello GumRai,
No, I might as well stick to the rules, although as a compromise I use a SL of 8.
Actually, the previous rules weren't clear. On the one hand it stated:

….placing a stop loss at the value indicated by the most recent blue dot in a long trade and the most recent red dot in a short trade

But is also stated

…..placing our stop loss just above the red dot corresponding to the red arrow. ….placing our stop loss just below the blue dot corresponding to the blue arrow.

I look forward to seeing how Sniper progresses as shown in your spreadsheet. I make 254 pts so far for October, with 191 pts with this present trade (although I think I may have got in a little late).
Bye,

The rules are something that annoys me about sniper.
"Place your stop 5 to 10 pips above/below the sniper stop" - well what is the rule? is it 5 pips or 10? There have been a few occasions when you would have been stopped out of a trade using +/- 5, but not if using +/- 10 .

Fig 6: An entry in the Asian session becomes a valid trade if at 06:00 GMT or after ALL conditions still agree and price is within the range of 30-50 pips maximum of the origional entry arrow price.

Again, is the rule 30 pips or 50 pips?
I was at my computer when the alert was triggered shortly after 2 AM Alpari time. The entry price was 1.6008
Alpari time at the moment is GMT + 2 hours, so 06:00 GMT is 8 AM Alpari time.
At 8 AM Alpari time, the Cable was at 1.6065, 57 pips above the original entry value.
So, following the rules, this was not a valid trade.

Of course, I'm happy that some people did take the trade as it's showing a nice profit.

I'm finding it rather frustrating as I cannot sit at the computer 24 hours a day and so cannot take every trade. Unfortunately, I've managed to miss every big winner recently, but missed very few losers. So although Sniper has done well, I'm actually making a loss.
My internet leaves a lot to be desired here in Thailand and it disconnects quite frequently. That means that even if I did set up for alerts to be sent to my phone, my computer cannot generate alerts when not connected to the internet.

 

[Vaco]

the rules are you have to make the rules your own.

 

[forexkunta]

Hi everyone,
Yes I use Elliott Wave theory on the 1 hr t/f and also count waves from the 5M chart up, to be sure of where I am when I am trading. It has been serving me well of late. At the moment I am up 400 pips on cable and 140 on guppy, have already taken profit on somewhere around 200 pips. Has been a great move and we still have the correction of this move to go. For the newcomers here, Hello and welcome. EW theory can be found at Elliott Wave International: Expert Market Forecasting using the Elliott Wave Principle if you want to delve into the theory. Works wonders on trading forex, but is a bit hard to learn at first.
Hope everyone is profiting from this move.
Happy Trading
Kent

 

[forexkunta]

Total pippage for this move up was a staggering 692 pips on cable and guppy combined. Still have the correction which should be about half of the move up. Hope to grab more then
Kent

 

[schweepus]

yes sorry i don't use the sniper filters... so I forgot to take that into account...but even so you're right there were a few scratch losers (10-30 pips) i count 2-3 trades

Hi salvadorveiga,

Have a quick look at the H1 EURGBP and H4 EURBP in Sniper it would seem that trading the H1 would give more profit that the H4. I have not done a thorough analysis of this and this is just a quick eyeball of the chart. Maybe someone else has done and can confirm?

The main reason for less profit seems to be the much later exit in the H4 than in the H1. If there is some way to mitigate this and get out early I can see that this would be profitable. Is this where EW comes in, for the exit?

You say you are not using the Sniper filters so I guess that you are making more profit in H4 than in H1. Would you be willing to share your strategy at all?

Thanks

 

[gangsta1]

Hi,

I just discovered I have had sniper for ages but not been using it!

Does anyone have a version of the EA that does sniper trades that has not expired?
Also, is it best to wait for a cnadle to close with entry conditions ion order to avoid repainting?

Thanks!

 

[The Stockman]

Gangsta,

Read the posts on the forum, all the info is there!!

 

[fx_eagle]

Hi,

I just discovered I have had sniper for ages but not been using it!

Does anyone have a version of the EA that does sniper trades that has not expired?
Also, is it best to wait for a cnadle to close with entry conditions ion order to avoid repainting?

Thanks!

Hi gangsta1,
the EA alone not work but also not expired.

the EA used the original sniper indicator.
the indicator may have expired, if you used the trial from Gary.

cheers

 

[salvadorveiga]

I usually don't do this until the end of the month. But I was curious to see how I was performing this month and I had the impression that this was a so-so month. I was quite surprised for these first 2 weeks of October.

I have a particular amount of capital allocated for Forex since I don't trade only FX but also Oil, Wheat, Corn, S&P500 and some stocks from my country.

So far here are the results for FX:

October

gbpusd +293 pips
eurusd +23 pipa
gbpjpy +500 pips
usdjpy -98 pips
usdchf +11 pips
eurjpy +320 pips
audusd +290 pips
usdcad + 340 pips
eurgbp +280 pips
audjpy +350 pips
nzdusd +175 pips
---------------------
---------------------
Total = 2484 pips

(Yes, sorry I trade that many pairs...:cheesy

As for the other assets they've been pretty good as well:

Corn: up 140 ticks (40 points)
Wheat: up 224 ticks (56 points)
S&P500: up 68 points

What I first thought to be a so-so month, when reviewing the numbers, it's definitely on the way to be one of the best months if this keeps going... which I hope it does continue :clap:

 

[GumRai]

Busy person Sal,

How do you assess your risk position if you have correlated pairs open at the same time? I think that I would get confused trading so many pairs.
Well done, that amount of pips profit is beyond my wildest dreams. I'd be quite happy if I could earn that many pips in 6 months !

 

[salvadorveiga]

gumrai, just looking at number of pips may be misleading... my risk per position or in other words my stop loss is larger than yours if you trade the 1H for example... so 2000 pips in 6 months for you may be more money than for me. your value per pip is surely much greater than mine (assuming 2 portfolio with the same amount of money )

While, I will use a stop loss of for example 250 pips, if you use stop losses of 125 pips for instance, your position will be 2x larger than mine.

So a 2500 pip gain for you will be the same as 5000 pips for me, money wise.

I use the same risk whatsoever, although they may be somewhat correlated they don't go in conjunction all times, look at gbpusd which is 800 pips lower from the highs while eurusd is making new highs... It's not confusing really... don't forget I trade dailies and 4H timeframes so I get about 30-40 signals per month on a 24 hour basis.