Sniper Forex System

karl6666, where do you put SL with Sniper? just always 20pip? It's not according to the system and probably not enough for the price to "breathe". For example current trade long had already a drawdown of 20pips but is now in profit. So, you would have been closed already, while others are still in. Please comment.


karl6666 said:
pircj said:
Is anybody of you guys trading Sniper live?

Current entry LONG at 1.6549 and SL at 1.6434 (10pips beyond Sniper Stop).

To large of a stop and did not enter due to my money management and risk control. 50pips stop is acceptable to me to enter.

How do you control risk? position size?

I do 1% risk on any one trade, having 5kUSD equity, allows me to have 50$stop, at 50pips this is trading one mini lot.[/QUOTE

my money management is

1:3

20 pip loss / 60 pip gain

10k account, the most i could lose in a trade is 2%, hence 20 pip loss (stop loss) would be $200, thats at 1 lot $10 a pip.

K
Click to expand...
Click to expand...
 
pircj said:
karl6666, where do you put SL with Sniper? just always 20pip? It's not according to the system and probably not enough for the price to "breathe". For example current trade long had already a drawdown of 20pips but is now in profit. So, you would have been closed already, while others are still in. Please comment.



I agree with pircj. 20pips is low.
Click to expand...
 
wow...everything is blue now. 1m, 5m, 15m, 30m, 1hr. that is a good wave to ride and make some good dosh. But i think it is too late for anyone trying to get on now? Is that correct assumption?
 
Yes that is a good sign to look for when trend is the same on all timeframes. However you will soon see choppy behaviour on the lower timeframes so wont last long enough to really make a profit.
 
Wow, I certainly didn't expect the long that came up a few hours ago. Good thing I set a trailing stop on my trade before I went to bed. 100 pip t/s. Ended up with 117 pips overall. Not bad for a small move. I missed the long. I guess Monday will provide more opportunities.
 
dkarrington said:
Wow, I certainly didn't expect the long that came up a few hours ago. Good thing I set a trailing stop on my trade before I went to bed. 100 pip t/s. Ended up with 117 pips overall. Not bad for a small move. I missed the long. I guess Monday will provide more opportunities.
Click to expand...

Yes. the wave was real good. don't know whether we will catch shorts today before market closes?
 
With the way the market has acted this week, who knows. I talked with Gary a while back about if missing a trade alert, how may pips later should you enter, and he told me that if the trade had moved 50 pips or less, entry should be ok, on a 1H chart. I think someone had asked that question a few pages back.
 
FormulaOneFan said:
Quick question on entry. Do you usually wait for the alert message before placing your order or wait for the end of candle stick?
Click to expand...

The entry alert actually means nothing, it is just an indication of a possible trade. If when you get the entry alert, both histograms are the right colour, it's a deal otherwise you have to wait for both histograms colour to match the sniper lines. You deal when all conditions are met, you do not wait for the end of the candlestick timeframe.

FormulaOneFan said:
pircj said:
karl6666, where do you put SL with Sniper? just always 20pip? It's not according to the system and probably not enough for the price to "breathe". For example current trade long had already a drawdown of 20pips but is now in profit. So, you would have been closed already, while others are still in. Please comment.




I agree with pircj. 20pips is low.
Click to expand...

Probably ok if working with 15 minute charts
Click to expand...
 
Updated version, check it out and comment.
 

Attachments

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I sure hope everyone was in on this long this morning. This news release from the US sure went in your favor. Unforunately, I missed the entry, and decided to stay out. Bummer.
 
pircj said:
Hey greenfield,
that's great post and ideas.

I was considering also trading two minilots one at TP 100pips, the other ride until closed with trend B indicator. You said 75 is better - did you backtest? Do you use BE for this trade (TP75pips)?

I would say to use BE only if your account is small and you risk a lot. BE at 50pips profit is good I think. I am using it with an account that I almost blew down to zero and must stadily grow it. With the new account I do not use BE with my trades. Conclusion basically no BE except in special conditions.

Your comments are appreciated!

P.S. I hope we will continue this thread since I have great hopes for this system... Been testing for a while now and looks just great!
Click to expand...

Hello pircj,
I promised to post the results of my trading sniperforex since 14 April. It works out at 24 pts a day, 20 pts per trade (92 days/112 trades).
I mentioned in a previous post that I had been looking for a system to help 'hold my hand' while learning the basics of technical analysis, trading etc. I've tried quite a few systems – I think most I've come across are scams.
I noted the results on the sniperforex website and I thought I would see if I could replicate these levels of results. There's quite a few systems out there promising very impressive results, but when you get down to it you realize that they're a con. With sniper, I've tried a few variations and still do, but I've decided throughout this period to stick to the system as Gary recommends – GBP/USD on 60 mins. During this time, I can say that the results I've come up with, while not the same as on the website, are not far off. The results are good enough for me to carry on - i.e. trading exactly as the rules.
Out of 112 trades, 56 were wins, 56 losses. Some of the wins were quite impressive - 374, 270, 470, 240 and 195 pts. But there's also the losses. Some people may become a little despondent faced with 4 or 5 successive losses. Throughout this period, the results have certainly not been 'uniform' – during June I was averaging 75 pts a day, whereas during July I was only just in positive territory. So it's certainly a system for the long run. As far as I can see, sniper does exactly 'what it says on the tin.'
As I mentioned in a previous post, I take out 2 trades each time, scalp on one and exit the other when the system dictates. I've just started trading GBP/JPY with Sniper. I've obviously only got a few results so far, but I think it is even more important with this pair to have the same approach – I've seen some huge profits disappear.
I must point out – perhaps it's possible to question how statistically significant is a list of 112 trades. Obviously, it's all I've got. If there's anyone else out there who can give us any other figures, please do. Also, throughout this period, there have a few trades missed – I've tried to calculate as best as possible where the trade would have been entered.

That's good – I set an 80 pt scalp on this morning's GBP/JPY long – it's just gone through!
Bye,
 
dkarrington said:
I sure hope everyone was in on this long this morning. This news release from the US sure went in your favor. Unforunately, I missed the entry, and decided to stay out. Bummer.
Click to expand...
I was on it nice and early but chickened out early on when there was a huge dip which took out 70% of the profit. On the bright side it was all demo account :D
So learned a good lesson from it.

What news are you referring too?
 
FormulaOneFan said:
I was on it nice and early but chickened out early on when there was a huge dip which took out 70% of the profit. On the bright side it was all demo account :D
So learned a good lesson from it.

What news are you referring too?
Click to expand...

i jumped on it early morning and bagged 85 points

K
 
forex trend system

Didnt the owner (gary) of the sniper system have the 'forex trend system' for sale a while back, which by the way, reviews better than sniper on other websites

K
 
Well, I am glad for the one's that were in. I am walking around looking like karl's picture right now. lol

The existing home sales in the US came out at 9am, and it was way above expectations. Drove the market like crazy with the huge spike in the last hour.

Karl,
Yes he had that out. but hell, Sniper is good too. Looks like sniper but with only one histogram.
Kent
 
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