Sniper Forex System

[greenfield]

Is this playing the sniper pure gary style...............

Hello goose4,
My aim was initially to try to replicate the sort of results listed on the Sniper website. So I stick to the rules. The website is showing just over 30 pts a day this year. There's been discussion on this thread about the website claims – GumRai's recent post makes some good points. But an average of 20 pts a day is OK as far as I'm concerned.. It's important to note that this is my average gain per day. GumRai's point, followed up by my own data above, shows that it can be a rough ride, i.e. anything up to 6 losers running.
(Incidentally, I also take out parallel trades with different exit strategies. There's been quite a lot of discussion on this thread about amending Sniper exits. But the figures I've mentioned are based on using Sniper rules.),

Hello forexkunta – good to see you back.

 

[forexkunta]

Is there a way to avoid trading 14 hours a day as sniper requires that.

You will essentially be trading 24/5, so more than 2 pair trading becomes a hassle, with fatigue becoming a major problem. To get around this, I have the mt4 platform email my blackberry with the alert, and I have a program on my b.b. that allows me to access my computer from anywhere to enter or exit trades. That way computer time is at a minimum. I also exit according to Elliott wave projections, and set my t/p target when I enter the trade if the wave count supports that. If it is early in wave one, I wait until wave 2 is complete, then set t/p based on projections. I have no history to submit, but that is how I do things. Unfortunately, since I have started these types of exits, nothing has really been trending very well the last couple of weeks, so has not worked out well, and as in my previous post, my time has been taken with family. If you want it bad enough, you figure out a way to do it.
Kent

 

[goose4]

Hello goose4,
My aim was initially to try to replicate the sort of results listed on the Sniper website. So I stick to the rules. The website is showing just over 30 pts a day this year. There's been discussion on this thread about the website claims – GumRai's recent post makes some good points. But an average of 20 pts a day is OK as far as I'm concerned.. It's important to note that this is my average gain per day. GumRai's point, followed up by my own data above, shows that it can be a rough ride, i.e. anything up to 6 losers running.
(Incidentally, I also take out parallel trades with different exit strategies. There's been quite a lot of discussion on this thread about amending Sniper exits. But the figures I've mentioned are based on using Sniper rules.),

Hello forexkunta – good to see you back.

Thanks,thats a great post.I would be lost without this thread,its been a great help.I agree 20 pips is OK,and thats enough to be pro.I think the way to magnify the results is to combine it with other tools like elliot wave and Linda Raschkes "Holy Grail" pullback which I hear is stunning.
But like anything,stick with the basics is my plan,at first,and not alter the system,as has been suggested by some great members.

 

[smithani]

Guys I am a bit lost here. Trading 10-12 hours for just net 20 pips makes u a pro? Pls help me understand. I am a newbie

Thanks

 

[goose4]

Guys I am a bit lost here. Trading 10-12 hours for just net 20 pips makes u a pro? Pls help me understand. I am a newbie

Thanks

Well to be really safe,you would need a 25000 pound bank to play the pip value at £10 per pip.

That means you would make 200 pound per day on the daily average.

Your a pro...

 

[smithani]

Got it. Its like a full lot in USD i.e. 100,000USD to earn 200 a day. Thanks

 

[GumRai]

Sorry about your news Kent.

Unless you have an EA running, the only way to trade Sniper properly is to be close to the computer at all times during trading hours. The system generates quite a lot of "imminent alerts" especially if you are monitoring multiple pairs. These alerts are generated when 2 signal lines change colour and sometimes you will get these annoying and unnecessary alerts in opposite directions one after the other. If you have alerts sent to your phone, I don't know if it is possible to filter out the "imminent" ones.

Mind you, on occasions, not being at the computer acts to your advantage. There was a long trade with Sniper today and an exit signal was given by a red arrow. (see image)
In the following hour, there was another long entry signal, but 28 pips higher than the previous exit. So not being at your computer would have saved you 28 pips. Of course Sniper repainted when refreshed, the arrows disappeared so looking back you would not know about them.

November has been terrible so far, 11 trades with only 1 winner, a net 349 pip loss.
There was a short signalled today, but as it followed a 130pip long candle, not a valid trade in my opinion.

 

[forexkunta]

Well, the discussion gets interesting. Here is a question that I must pose, and everyone is encouraged to give input here. How many times have you seen a trade go to 100 pips or better, and then reverse, and end up losing pips? I for one have seen this happen many times. I think that greed keeps one in for a longer run, when it just isn't in the trade. I will probably be setting a t/p of around 125 pips for each trade I enter, and then take the 125 and run. The markets have been a little unusual lately, and I think that a constant 125 pips would have put everyone in very good profit. So you may lose out on a 500 pip trend and take 125 or 250 pips on that trend, but is that not better than 8 losing trades, and then a long trend that breaks you even or 50 pips ahead? Just a thought. Going back and measuring the trade after it has happened, doesn't really tell you any thing, because the emotions are not present, as they are real time. I am just saying to pay attention, and decide your exit based on your own style and thoughts.
Kent

 

[goose4]

Sorry for your loss kent...


Very good point. Because the inevitable will happen.10 losses in a row or more with sniper,this could send a man to the asylum

If you know your roulette,the recorded runs of an even colour was 38 blacks in a row,in Germany.Even in imagery numbers,series happen all the time.A series of wins must happen,a series of losses must happen,whatever system your playing.The interesting thing,is how to tweak these events to your advantage.Its like nature very cruel,just like the markets,but we must deal with this..

Well, the discussion gets interesting. Here is a question that I must pose, and everyone is encouraged to give input here. How many times have you seen a trade go to 100 pips or better, and then reverse, and end up losing pips? I for one have seen this happen many times. I think that greed keeps one in for a longer run, when it just isn't in the trade. I will probably be setting a t/p of around 125 pips for each trade I enter, and then take the 125 and run. The markets have been a little unusual lately, and I think that a constant 125 pips would have put everyone in very good profit. So you may lose out on a 500 pip trend and take 125 or 250 pips on that trend, but is that not better than 8 losing trades, and then a long trend that breaks you even or 50 pips ahead? Just a thought. Going back and measuring the trade after it has happened, doesn't really tell you any thing, because the emotions are not present, as they are real time. I am just saying to pay attention, and decide your exit based on your own style and thoughts.
Kent

 

[GumRai]

Well, the discussion gets interesting. Here is a question that I must pose, and everyone is encouraged to give input here. How many times have you seen a trade go to 100 pips or better, and then reverse, and end up losing pips? I for one have seen this happen many times. I think that greed keeps one in for a longer run, when it just isn't in the trade. I will probably be setting a t/p of around 125 pips for each trade I enter, and then take the 125 and run. The markets have been a little unusual lately, and I think that a constant 125 pips would have put everyone in very good profit. So you may lose out on a 500 pip trend and take 125 or 250 pips on that trend, but is that not better than 8 losing trades, and then a long trend that breaks you even or 50 pips ahead? Just a thought. Going back and measuring the trade after it has happened, doesn't really tell you any thing, because the emotions are not present, as they are real time. I am just saying to pay attention, and decide your exit based on your own style and thoughts.
Kent

Hello Kent,
I've attached my spreadsheet with the trades since the 1st September. By adjusting the Take profit level in H1, It's at 125 at the moment, you can see the effect of taking profit at different targets. Taking profit at 125 would have cut pips profit by a third.
If you need to unprotect the spreadsheet, the password is sniper.
The 2 trades highlighted in yellow are the 2 that I mentioned before that didn't comply with the rules and so really should not be included.

 

[forexkunta]

GR,
Interesting spreadsheet. It seems that a t/p set at 450 would actually gain in pips. But, I interpret trades a little different, so this spreadsheet would not apply. One filter that I have been using, is the sniper stop dot. If you are in a up trend, and Sniper signals a short, such as in a correction wave 2 or 4, I know that I will not take that trade against the trend, and generally, the stop dot never changes sides to agree with the signal. I do not take trades if the stop dot does not agree. It will keep you out of a lot of whipsaw as well as keep you in a trend in a lot of cases. Just the way I filter trades, so I may not consider a signal valid, or may get into the trade a little later for fewer pips, but generally keeps me out of more bad trades. I have been looking at things as far as the Elliott wave theory, and have gone back to Sniper for signals. In most cases, Sniper signals an entry sooner for a few more pips, and can also count waves with Sniper online and running, with the advantage of an email alert to clue me in to the possibility of a trend. I am actually running Sniper on 3 pairs atm, and generally, one of them will be trending, so things are looking better. But only time will tell.
Kent

Hello Kent,
I've attached my spreadsheet with the trades since the 1st September. By adjusting the Take profit level in H1, It's at 125 at the moment, you can see the effect of taking profit at different targets. Taking profit at 125 would have cut pips profit by a third.
If you need to unprotect the spreadsheet, the password is sniper.
The 2 trades highlighted in yellow are the 2 that I mentioned before that didn't comply with the rules and so really should not be included.

 

[GumRai]

Interesting spreadsheet. It seems that a t/p set at 450 would actually gain in pips.

I think that you mean 45 pips there.
Since I've had this take profit check, 160 pips has been a consistently good level. On a very small sample I know, but will keep an eye on it.

 

[GumRai]

Once again, we are getting trades signalled by Sniper that subsequently disappear with the repainting.
It is important for Newbies to realise that looking back over the charts do not give the same results as trading in real time. During choppy losing periods signals are given that are wiped off the record at the close of the candle and after refreshing the chart.
See the 1st image. A valid signaled short after 8am GMT at 1.6524. After repainting this signal disappeared.
There was then another short signalled at 1.65463.

2009.11.12 10:00:07 Sniper(1) GBPUSD,H1: Alert: Short entry on GBPUSD, H1, 2009.11.12 17:00, Bid=1.65463

So 22 pips above the original signal.

The price has moved up and so against the trade since and I am certain that if it stays up that this signal will also disappear.

 

[greenfield]

To TP or not to TP – that is the question

Hello GumRai, forexkunta et al,
Just a follow-up to your posts about TP trades. There have been discussions on this thread over the months about TP trades with Sniper. One strategy that could be used is to look at S&R levels and fib retracement levels. salvadorveiga suggested (post#1949) looking at ADRs. But, looking at fixed TPs, my figures from trades since April show the same optimum no. as GumRai's = TP160. My spreadsheet isn't quite as sophisticated as GR's but (see attachment) it comes up with the same conclusion. With every trade (183 of them) I noted the maximum no. of points possible. I entered a 'what if' scenario – the average gains if a TP50, TP55 etc. trade had been made. So a TP75 gives on average 15 points. As you can see, a much better TP level would be 135 (25 pts), the optimum at 160, 165, 170, 175 = 26 pts. (I haven't got round to entering the data for 180 and above.) The average daily gain letting a trade run its course is 20 points (according to my figures).

The average maximum possible shows 129 pts per day/107 pts per trade. Ok, no one would ever get anywhere near that figure, but it's interesting to get an idea of what we're giving away.

I'm still taking out 2 trades – 1 that runs its course as per Sniper rules, and 1 which I'm still experimenting with.

 

[GumRai]

Hello Greenfield,
from what I have seen a take profit level of 80 pips satisfies both psychological levels and will not result in a loss when compared to letting the trade run.

Did you see the trade at 8AM GMT short at 1.6524. It has disappeared without trace now after losing 48 pips because of the repainting.

Now we have had another short signaled at 1.6533 so will see if this one goes somewhere.

I have recorded 12 valid trades in November and only 1 winner so far. This is not good and now my bank from the 1st September, risking 3% per trade is showing a loss.
This short has moved immediately into losing territory and if it continues to move up will disappear forever.

 

[forexkunta]

GR,
I have noticed some of the repainting this morning, and about the only thing I can say, is before taking a trade that alerts, then change the time frame to a different one and back to the 1H and see if it repaints, and wait until the end of the candle to enter if it doesn't repaint. But bear in mind, that waiting until the close of the candle, in some cases will cost you pips, and in others will gain you pips. I think it would even out over time. Price action in the last few weeks has been a little on the crazy and volatile side, so is a little unusual. I do believe that in the long run, a person will be profitable with Sniper. Greenfield has proven that, because of the fact that he is about the only one that has traded consistently with Sniper no matter what.
Kudos, Greenfield for your discipline!
Everyone should aspire to have that kind of drive. It separates the winners from the losers.
Regards,
Kent

 

[SXMTrader]

Yes, Nov. was a very bad start with a lot of loss! But I filter false signals with MACD 5/35/1helps a lot! Also I check the trend line with settings 40, keeps you longer in a trend and also helps to avoid some false signals. You will be sometimes a little later enterng a trade, but it is better than a loosing trade with +-50 pips loss. Less loosing trades per month makes a big different, even if you sometimes jump in a little later.

 

[trendie]

the contributors to this thread certainly should be applauded for their commitment to the sniper method, and their willingness to explore for themeselves its potential.

a couple of thoughts:

1: are the figures GumRai is getting similar to Garys (the developer of sniper)?
I must admit I get the occasional email saying what a great trade hes just had. but I dont get any emails when hes had a bad/average week.
1a: does Gary keep a detailed transaction list of his trades?

2: whilst its good to pursue sniper, I cant help feel you should be running this exercise against an alternative technique, to use as a baseline.

I still think sniper is a net positive system, but if all I got to show for it was an average of 20 pips a day, knowing I could expect several consecutive losers, I would be looking to hedge by applying alternate strategies, or apply sniper across a broader range of markets to smooth out the losses.

hope it works out for you guys.

 

[forexkunta]

the contributors to this thread certainly should be applauded for their commitment to the sniper method, and their willingness to explore for themeselves its potential.

a couple of thoughts:

1: are the figures GumRai is getting similar to Garys (the developer of sniper)?
I must admit I get the occasional email saying what a great trade hes just had. but I dont get any emails when hes had a bad/average week.
1a: does Gary keep a detailed transaction list of his trades?

2: whilst its good to pursue sniper, I cant help feel you should be running this exercise against an alternative technique, to use as a baseline.

I still think sniper is a net positive system, but if all I got to show for it was an average of 20 pips a day, knowing I could expect several consecutive losers, I would be looking to hedge by applying alternate strategies, or apply sniper across a broader range of markets to smooth out the losses.

hope it works out for you guys.

Trendie,
I have been using Sniper across more than one pair, actually 4, GBPUSD,GBPJPY, USDCAD on 1H and AUDUSD on 4H. Usually one of the 4 will be trending when the others aren't. Yes, there is some correlation between these pairs, mostly the USD part of the cross, but, most times, they are usually disconnected from each other, and moving in seperate directions. It is really hard to find pairs that are not correlated and actually move enough to make decent pips. This week had been pretty good on USDCAD and AUDUSD, when the GBP pairs have pretty much stunk. Yes, Gary only recommends GBPUSD, but since Sniper is a trend following system, it will work on any pair that trends, so each trader has to make his own dicisions about how they trade. I have thrown in the towel for the week, personally, due to the fact that I cannot concentrate on my trading, due to family obligations. The beauty of this market, is, there will be trades next week and the week after.
But yes, I agree with you on every point.
Kent

 

[mpat89]

Has anyone explored using Stochastics as exit signal?
I have only managed to take the last 3 trades but looking at past data I notice that in a lot of cases, once a trade is in profit, if the Stochastic crosses against you then this is a sign to exit. Exiting here seems to save you pips when compared to waiting for the Sniper signal lines to change colour or for the stop loss to be hit. You can see this with the latest long trade.