Sniper Forex System

rossobonks said:
Nice Kent , I managed an entry @ 154.42. Used the 15m chart for entry.

See how this trade goes looking good so far.

Dave
Click to expand...


Good entry. At present you should be up about 45 since this retrace.

I took profit on 1 trade at 75. The other, my s/l is about 35 pips above entry, so if this trade went south, and I hit s/l, I will still win. At present the other trade is at around 30. And I also added another trade to the current on this pullback.

Kent
 
Last edited:
dkarrington said:
Good entry. At present you should be up about 45 since this retrace.

I took profit on 1 trade at 75. The other, my s/l is about 35 pips above entry, so if this trade went south, and I hit b/e, I will still win. At present the other trade is at around 30. And I also added another trade to the current on this pullback.

Kent
Click to expand...

Nice Kent well done.

I am running sniper along side my usual charting strategy using multi time frame MA`s. The combination of them both is giving me increased confidence in taking the trades.

Keep up the good work everyone. Looking forward to Jerrys Sniper EA if he can get it going.

Dave
 
I entered short on GBYEN at 153.177 TP 153.07 but there is a difference of 5 pips between price on the trade terminal and price on chart!!! My broker is alpari
anybody have the same problem?
 
new2fx said:
I entered short on GBYEN at 153.177 TP 153.07 but there is a difference of 5 pips between price on the trade terminal and price on chart!!! My broker is alpari
anybody have the same problem?
Click to expand...

Might be the spread! Mine usually runs 6 or more
Kent
 
The spread with my broker changes according to the time of day. 5-9 depending on the sessions. Ofcourse, during London and NY is usually the best.
Kent
 
Usually the price on the chart is the bid value
If you open a short position you will open it at the bid price
When you want to close that short, you will settle at the offer/ask price, which is the higher of the spread - that is why you will see the difference in the values between the chart and your terminal.

If you open a long position, you will settle at the bid price, the same as the chart - so the values will be the same.
 
GumRai said:
F1 Fan,

You can't believe (or maybe you can) how tempted I am to cut my losses on this trade. This is my money I see gurgling away, it's not on a demo account.
Even though I'm well experienced with trading shares and indices, I've not been trading Forex long, less than 6 months.
But my experience with trading shares has taught me not to panic when things run against you and don't deviate from your course of action without good reason.
As it stands, I'm not very confident that this trade will suddenly turn around, it's very close to stop now. Maybe this one won't but many do. It's surprising.
Anyway, most likely that you did well to get out of this trade early :)
Click to expand...

Was wondering if you got out of your trade?
Kent
 
The long position yesterday was not a happy one - briefly into 20 pips profit then steady down to hit the stoploss with 90 pips loss.
So I exited the position when the stop was hit.
 
GumRai said:
The long position yesterday was not a happy one - briefly into 20 pips profit then steady down to hit the stoploss with 90 pips loss.
So I exited the position when the stop was hit.
Click to expand...

I just didn't trust that long position, so I didn't go in. GBPJPY signaled a short at around 19:38 and I went in with 2 trades. The first hit TP at 75, the second is still running at around 75 profit. I also went in with a third alittle later that is up around 45. I also went in on my live account and is also up around 45. Been a good trade so far. When the 4H charts are showing a short, I just dont go long, even for a few pips.
Sorry for your loss, but it does happen.

Kent
 
GumRai said:
The long position yesterday was not a happy one - briefly into 20 pips profit then steady down to hit the stoploss with 90 pips loss.
So I exited the position when the stop was hit.
Click to expand...

Sorry to hear about the losses. Like you said I got out early with a loss. But the chart (1M to 1H) and all lines and histogram said long didn't it?
 
Unfortunately, with my wave count, the long was a brief correction to the previous wave down. That was why I didn't go long. Always check the 4H TF, and it might save you some pips.
 
dkarrington said:
I just didn't trust that long position, so I didn't go in. GBPJPY signaled a short at around 19:38 and I went in with 2 trades. The first hit TP at 75, the second is still running at around 75 profit. I also went in with a third alittle later that is up around 45. I also went in on my live account and is also up around 45. Been a good trade so far. When the 4H charts are showing a short, I just dont go long, even for a few pips.
Sorry for your loss, but it does happen.

Kent
Click to expand...

Well done kent. You experience and consistent profit with GBP/JPY is very encouraging. Also sniper seem to be very consistent with GBP/JPY now. The demo account I opened yesterday all showed losses for short GBP/JPY but when I woke up this morning they all are in massive profit.
 
Demoed for 1 week so far

short - went nicely into profit but finished + 10
long - never really went into profit, mostly sideways movement -30
short - at one stage + 60 pips - stopped with -20
long - at one stage + 60 pips, finished -80
short alert last Friday, conditions met Monday, didn't take the trade - at one stage about =150 pips, closed with about 80 pips profit?
yesterday short - went very quickly +20, but then downhill, stopped at -90

Currently, trade in progress (but not with me)
short entry at 1.6330, moved immediately upwards into loss of 30 pips - currently +7

6 deals completed so far, 2 winners, 4 losers - loss of approx. 130 pips

Nb. everyone's entry levels will be slightly different, because they may not be sitting at their computers 24/5.
Individual results will differ because some people are using different stoplosses to those determined by Sniper and exiting at different times.


On the face of it, you'd have done better by flipping a coin.
Sniper gave 4 losers and 2 winners and a net loss of 130 pips.
The system is cr*p I hear people say!

Looking at this, 1 week is not enough to tell you anything.
A system designed to catch and take advantage of trends is just not going to perform in a market similar to the last week's.
A net loss of 130 pips by a trending system in these markets is actually not too bad!

I still think that this system has some good possibilities.
 
GumRai said:
Demoed for 1 week so far

short - went nicely into profit but finished + 10
long - never really went into profit, mostly sideways movement -30
short - at one stage + 60 pips - stopped with -20
long - at one stage + 60 pips, finished -80
short alert last Friday, conditions met Monday, didn't take the trade - at one stage about =150 pips, closed with about 80 pips profit?
yesterday short - went very quickly +20, but then downhill, stopped at -90

Currently, trade in progress (but not with me)
short entry at 1.6330, moved immediately upwards into loss of 30 pips - currently +7

6 deals completed so far, 2 winners, 4 losers - loss of approx. 130 pips

Nb. everyone's entry levels will be slightly different, because they may not be sitting at their computers 24/5.
Individual results will differ because some people are using different stoplosses to those determined by Sniper and exiting at different times.


On the face of it, you'd have done better by flipping a coin.
Sniper gave 4 losers and 2 winners and a net loss of 130 pips.
The system is cr*p I hear people say!

Looking at this, 1 week is not enough to tell you anything.
A system designed to catch and take advantage of trends is just not going to perform in a market similar to the last week's.
A net loss of 130 pips by a trending system in these markets is actually not too bad!

I still think that this system has some good possibilities.
Click to expand...

I agree. the system is very good. Personally for me I just need to learn more and get good experience with the system.
 
I have been trading Sniper for about 2.5 months, and within the last 2 weeks have gotten more consistant. I think Ihave gotten more selective about which trades I take. One thing that has helped me very much was the introduction to the Elliot Wave Principle. Take the time to get familar with it and it will help your trading ALOT. Salvador has helped me along the way with EW. Believe it or not, it helps you recognize where you are in a trend, and what to expect according to probabilities.
Trading GBPJPY, using EW, I have learned that after a 5 wave impulse, this pair will almost always retrace to the 50% fib line. Almost always, but sometimes further. The book is a good buy for anyone trading futures, forex or stocks. It truly gives you an advantage. I have read the book 3 times, and will read it pretty often, to keep rules and guidelines in perspective.
 
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