Sniper Forex System

[alan5616]

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.

Rather than adding another indicator window and reducing chart space, why not put a 15 EMA on your chart and exit on a close below that MA. That's for Long trades of course; vice versa for Shorts. You'll give up a few points on pull backs but, you'll compensate for this by getting out earlier when the market makes a genuine reversal.

I don't advocate using this exit strategy in the early stages of the trade. Once a strong trend has been established, this is a good method to protect your profits.

 

[forexkunta]

Rather than adding another indicator window and reducing chart space, why not put a 15 EMA on your chart and exit on a close below that MA. That's for Long trades of course; vice versa for Shorts. You'll give up a few points on pull backs but, you'll compensate for this by getting out earlier when the market makes a genuine reversal.

I don't advocate using this exit strategy in the early stages of the trade. Once a strong trend has been established, this is a good method to protect your profits.

I prefer a 25 SMA, ,myself. It reduces the exits due to pullbacks some.
Kent

 

[forexkunta]

WOW, no input?

 

[fx_eagle]

hi Kent

WOW, no input?

yep I only observe , forex for me is now only scalping in 5 min TF the euro, all other long term not clear direction.

if euro not break 1.50 and cable don't know where to go, there is no room for moves same we need for snipers.

I will trade the euro now, then every end of the year the last 7 years the euro make most a rallye to the new year average 6 - 7%

buy dips and sell on the highs around 1.68, hope so.

and sniper , hmm long time no email from gary, he silent may to chrismas, I will only observe and hope the cable will go again.

cheers

 

[jammixmaster]

Has anyone thought of trading on price action alone? Without indicators and such I mean. All indicatos do is cloud the charts and make things harder. If you think about it, trading isn't AS hard as the "professionals" make it sound. 99.9% of all indicators out there are unecessary. I suggest trading on price action alone. Reading about the Turtle Trading System is a good start.

 

[goose4]

Has anyone thought of trading on price action alone? Without indicators and such I mean. All indicatos do is cloud the charts and make things harder. If you think about it, trading isn't AS hard as the "professionals" make it sound. 99.9% of all indicators out there are unecessary. I suggest trading on price action alone. Reading about the Turtle Trading System is a good start.

I agree.It is one of the simplest most effective position methods.The main advantage of this is that it is price based as opposed to indicators based methods.By the time most indicators like sniper generate a buy or a sell,the move is already well under way,thats why you get long series of losses with sniper,very bad for karma,even with TM long losses will break you. By following this price based methodology,you get into a trade before the indicator clan traders,and I usually end up handing off my postion soon after a buy or sell signal is being generated on a stochastic.Just as the trade gansters come latlies are jumping in,im closing out my postion and looking for the next setup.On choppy dayd,its the indicator basted traders who get taken out back and shot.The buy singnals on sniper get them in at the top of the move and their sell signals get them in at the dead lows,leading you to a frustrating day with a negative,pivots are set up to natrually take advatage of their ehtos mistakes.Also what I love is this is a good sytym for traders who hate staring and glued at charts,the more you spend on the computer the more advatage it give to the lethal traders

 

[smithani]

Can you pls help me understand how to trade based on price action as I am an indicator trader. Thanks

I agree.It is one of the simplest most effective position methods.The main advantage of this is that it is price based as opposed to indicators based methods.By the time most indicators like sniper generate a buy or a sell,the move is already well under way,thats why you get long series of losses with sniper.By following this price based methodology,you get into a trade before the indicator clan traders,and I usually end up handing off my postion soon after a buy or sell signal is being generated on a stochastic.Just as the trade gansters come latlies are jumping in,im closing out my postion and looking for the next setup.On choppy dayd,its the indicator basted traders who get taken out back and shot.The buy singnals on sniper get them in at the top of the move and their sell signals get them in at the dead lows,leading you to a frustrating day with a negative,pivots are set up to natrually take advatage of their ehtos mistakes.Also what I love is this is a good sytym for traders who hate staring and glued at charts,the more you spend on the computer the more advatage it give to the lethal traders

 

[goose4]

Can you pls help me understand how to trade based on price action as I am an indicator trader. Thanks

Im a little limited on time buddy,my girlfriend wants attention but this is pivot points.great for trending days even better for choppy days that is true synergy.
On a trading day,forex will move to a pivot level,consolidate for 15-20 mins,and then continue to march in the direction of the trend.On these fun days i wait for the move through the pivot level and then buy the first pullback to that level.On choppy days,however,the markets will move up to a pivot level,hang around for a short time,and then drift back in the direction from whence they came,dude just check out historical data,it will shout out to you.The sniper gets chopped up during these type of trading days,losing money and making other people rich.The pivots are naturally set up to be faded on these days and are one of the few profitable ways to trade on low volume day,narrow range chop.How often do you see low volume S H I T?
I trade the S&P bro,looking at the forex,but these principles apply for all markets.There are two very easy ways to tell if the market is trending or chopping.the first is to look at how the markets react to the pivot levels once they reach them.The second is to set up a five min chart,and see what kind of volume is coming into the market after 10am Eastern time for me,if the volume is over 10000 contracts on each bar,then the market has the power and volatility behind it.These are the days usually have wide ranges and strong trends,however,if the volume is below 10000 contracts on the five min chart,then there is little power to move the beast,result will be a choppy day.
On the first type of day,I wait for the markets to move through pivot levels,and then set up a order to get in on the first retracement.On choppy days,I place open buy and sell orders against the pivots and have standing orders to fade these move over the day.

Not all pivots are equal and you need a set of intricate formulas to apply the above methods,and then you really relish the rewards

This is a very simple (time limited explanation)

Good luck....

 

[jammixmaster]

Can you pls help me understand how to trade based on price action as I am an indicator trader. Thanks

Well, it depends on HOW you want to trade price action. I'm a big believer in trend trading so thats the way to go in my opinion. Locate a trend in whatever market you're trading and buy/sell according to that trend. There will be small losses here and there as you will get many false break-outs (I trade break-outs :cheesy but once you catch the actual trend the profits will far out-pace your losses. As I said, check out the Turtle Trading System. The rules can be found online for free so you don't have to buy the books, but I do recommend buying them. Just trade the trend and you'll profit in the end. <----yeah, you like that don't ya :smart:

 

[goose4]

Well, it depends on HOW you want to trade price action. I'm a big believer in trend trading so thats the way to go in my opinion. Locate a trend in whatever market you're trading and buy/sell according to that trend. There will be small losses here and there as you will get many false break-outs (I trade break-outs :cheesy but once you catch the actual trend the profits will far out-pace your losses. As I said, check out the Turtle Trading System. The rules can be found online for free so you don't have to buy the books, but I do recommend buying them. Just trade the trend and you'll profit in the end. <----yeah, you like that don't ya :smart:

With trading turtle,if possible,what is your win to loss ratio in trades?

Also in pips profits/losses ratio?

as I said,if possible from the top of your head or perhaps from reading the book?

 

[GumRai]

Hi all,

This thread was very quiet for a few days and now a flurry of posts, many of them without the slightest link to the Sniper Forex system.
Although I think that it's great to discuss different methods used in conjunction with Sniper, if you want to start a discussion on price action, turtle trading and breakouts, can you please start another topic?

November is continuing with poor performance from Sniper. 16 trades and only 4 winners - note some of these trade signals have now disappeared from the charts.
Risking 3% per trade has shown a 15% loss on the bank.
It will need a very strong trend to set in to prevent this month ending negative!

 

[goose4]

Hi all,

This thread was very quiet for a few days and now a flurry of posts, many of them without the slightest link to the Sniper Forex system.
Although I think that it's great to discuss different methods used in conjunction with Sniper, if you want to start a discussion on price action, turtle trading and breakouts, can you please start another topic?

November is continuing with poor performance from Sniper. 16 trades and only 4 winners - note some of these trade signals have now disappeared from the charts.
Risking 3% per trade has shown a 15% loss on the bank.
It will need a very strong trend to set in to prevent this month ending negative!

I have mega respect for you,been reading your posts.

This is why you will do well.

Amateur traders turn into professional traders once they stop looking for the `next great indicator` and start controlling the risk on each trade.You have sticked with the rules,I have noticed many sniper traders on this thread change things all the time,these are the guys that get smoked.

 

[goose4]

Hi all,

This thread was very quiet for a few days and now a flurry of posts, many of them without the slightest link to the Sniper Forex system.
Although I think that it's great to discuss different methods used in conjunction with Sniper, if you want to start a discussion on price action, turtle trading and breakouts, can you please start another topic?

November is continuing with poor performance from Sniper. 16 trades and only 4 winners - note some of these trade signals have now disappeared from the charts.
Risking 3% per trade has shown a 15% loss on the bank.
It will need a very strong trend to set in to prevent this month ending negative!

Could you list the trades out?

like this...

loss
loss
loss
win
loss

the whole 20,if possible...

With a trading strategy want to see what the difference in results would be.

 

[jammixmaster]

Hi all,

This thread was very quiet for a few days and now a flurry of posts, many of them without the slightest link to the Sniper Forex system.
Although I think that it's great to discuss different methods used in conjunction with Sniper, if you want to start a discussion on price action, turtle trading and breakouts, can you please start another topic?

November is continuing with poor performance from Sniper. 16 trades and only 4 winners - note some of these trade signals have now disappeared from the charts.
Risking 3% per trade has shown a 15% loss on the bank.
It will need a very strong trend to set in to prevent this month ending negative!

You're right, I should start another topic

 

[GumRai]

Here is a spreadsheet with the November results to date

 

[goose4]

Here is a spreadsheet with the November results to date

Im running a mac at the moment,will not have my laptop back till 2moro (lent it out)

Could you copy and paste it? If not will check it out in the next few days...

Thanks bro...

 

[SXMTrader]

Please don't forget, this is about Sniper Forex, a great system! This month is not a good month, at least for now, but the past showed that the profit will come. If you don't feel comfortable wit the market right now, which I can understand, just stay out for a while until the market is changing. Sniper Forex is not the only system having a hard time right now. I am trading with manuel systems for over 1 years, 5 days a week and Sniper is the only one which is easy to trade. You get your signal, rules and stops. All what you need. I learned that a system is only good if the person behind it is good - this means if you have a proven system like Snipe Forex and you stay with the rules, than you become good as the system and you will win. Stay with the rules and follow them exactly! Loosers are coming, but winners too! Look at GBP/JPY for the last week and you will understand that no system will work good at this market. Better days will come, stay with the rules! Play a little with the settings of the sniper line, if the market is changing, why not changing the settings from the sniper lines to get better results. I changed the settings for the last 2weeks to 40 and get better signals in this market than with 30. It is mentioned in the sniper manuel that you can change the settings to get more or less signals. If the market is changing try to adjust the settings. Sniper is for me the most complete manual trading system I used until now. And I will not stop to use it. Sounds like a commercial!? No I am just happy to have it!

Holger

 

[GumRai]

If you have downloaded the spreadsheet, you may notice the difference between some of the trades and what you see when looking back at the chart.
My spreadsheet shows a long entry on 17th November at 8AM GMT (9AM Alpari) that made a loss of 66 Pips. This trade was cancelled by a short entry at 11AM GMT (Midday Alpari).
Both of these arrows have disappeared after repainting.
The worst about this trade that has been deleted from the chart is that it suffered the full pips risked, so 3% of the bank!
I've attached an image of the chart at the time. I've changed the set up of the chart now as the arrows and sniper stops were just too difficult to see.
Right click on image and open in a new tab - click on image to make it clearer if you have the magnifying glass + cursor.

 

[GumRai]

I will try a screenshot

 

[GumRai]

And here is the WIN-LOSS Sequence