Sniper Forex System

[SandyW]

Lateral Thinking

Have a look at the "results" videos on the FX53 website, where the author explains the method and goes through each months trades.

FX53.com

Get an idea of how the system is traded.

Then imagine you were actually using the Sniper chart to trade in this manner

I am just experimenting. I have made the three Sniper indicators paint as black, thus making them invisible. I have removed the Sniper Stop. The chart now just shows the price and the arrows. I will try using the FX53 method of trading the arrows, NOT the Sniper method. They are completely different, so if you try this at home, don't confuse them!

I guess I should have proved everything before posting, but I am just sharing the idea with you guys.

 

[brutusdog]

Interestingly these systems are relatively simple to create as how they are constructed is not complicated. The key is in the application as it has to be adhered to as if you do not take full advantage by staying in the big moves your account will go nowhere fast.

 

[SandyW]

Brutus,

I think that FX53 probably does a better job of staying in the bigger trend than Sniper.

You have tried to deconstruct Sniper. Perhaps you could do the same with FX53?

Could you construct along the lines of my suggestion better than I am able to?

Sandy

 

[brutusdog]

Brutus,

I think that FX53 probably does a better job of staying in the bigger trend than Sniper.

You have tried to deconstruct Sniper. Perhaps you could do the same with FX53?

Could you construct along the lines of my suggestion better than I am able to?

Sandy

Hi sandy,

well looks like there are a couple of aspects to this.

the trend is stated as being identified by a break past a previous signal, then take the next trade in the direction of the trend. A stochastic set to 7 3 3 crossing either 80 or 20 lines gives pretty close signals to those of this system. combine the 2 and its not that far off.

Also for anyone interested another very simple one for this kind of thing is to take an indicator doesn't matter what. example the 7 3 3 stoch.

when daily stoch is crossed long and 4 hour is crossed long go long when the 30 mins crosses long. can be used on different time frame combinations. again its going with the trend and simple.

these systems always have a weak spot, the last wave of the trend.

personally i trade re-tracements in a trend and am just getting into fx after cutting my teeth in the indexes so building a longer term fx strat at the moment and hance my interest in this thread

happy hunting!

 

[Vaco]

closed the 2nd trade due to lines on chart turning blue signalling an end to the trend 221 pips.

so far 1 winner 221 pips 1 loser 68 pips (thereabouts) net 170ish pips.

 

[wil68]

Did any of you guys get into/ watch the trades today - short on usd/chf - stopped out, long on eur/gbp stopped out. Still only paper trading, and watching for pairs that trade well over and over. I tend to trade all the alerts I get that meet the criteria, just to try and glean as much info and understanding (LOL). My trial week is nearly over, but not thrilled at this point. Is it worth a punt with £100ish - problably.

 

[gonnamakeit]

but wil68 with the pairs you mentioned were you only entering those on 1hr timeframes ???????

 

[wil68]

Only watching and trading 1hr period as instructed by sniper. The trades were stopped pretty quickly at the level given by sniper and even now, they haven't gone as predicted. Of course, if the next couple of trades go on extended trends and are very profitable, the system may average out a decent gain. Nothing will ever be 100% successful, so I guess I'll have to wait and see.

 

[gonnamakeit]

do the arrows indicate that all the indicators have lined up ?

 

[wil68]

When alerts came in, all indicators were correct colour and lined up correctly. I'm using this free week to hone any strategies and try and work out what is going on, so that at some point, I may be able to place trades without this kind of system. However, if it proved to be as good as Gary says, the pips should come in time.

 

[gonnamakeit]

but the blue and red arrows ..do they only occur when all indicators are lined up...as i found one place recently when the sniper bars at the bottom didnt give the same colours but the blue arrow for long appeard...dunno

 

[Roy1]

Seems late

by all means do, (then maybe we can backtest it) but the look is all wrong looks more like this

Thanks for posting that chart. Having to wait for the 5 signals seems to give a late signal. Some after a big bar.

Compare to Igor's Slope Direction Line set at 20. Perhaps a few whipsaws but seems to catch the moves quicker. This version has an alarm.

OP thanks for starting this thread. It is always worth a look to check out a different idea.

 

[wil68]

but the blue and red arrows ..do they only occur when all indicators are lined up...as i found one place recently when the sniper bars at the bottom didnt give the same colours but the blue arrow for long appeard...dunno

I enter a trade only when the alert has been signalled, all the indicator lines on the chart are the appropriate colour and the trend lines at the bottom are both the same colour. I've had a few alerts that do all this tonight, and the trades would have been all over the place. Maybe something to do with most markets now being closed, but it doesn't fill me with confidence. A few others suggested only trading 1 or 2 pairs, keeping away from the more volatile ones. This may be a VG idea.

 

[SandyW]

do the arrows indicate that all the indicators have lined up ?

No they don't. The arrow only indicates when the three MAs turn the same colour. You only enter the trade when the two histograms are also that colour. Confusingly, the alert seems to be triggered by the arrow only. But, if you have not already been stopped out, you take a new arrow alone as a stop signal. All this from Gary, answering when I asked him the question last week. I think you would get an earlier entry to the trend by just following the arrows/alerts, but Gary says you would suffer more whipsaw. I don't really get it!

 

[SandyW]

Another System from Gary

I discovered another system marketed by Gary. Looks a bit like Sniper, and same price.

Forex Trend System | Forex Trend Indicator

I asked him what the difference between it and Sniper was. Answer, "the Forex Trend system stays in the trend longer".

So which is the better system? Forex Trend surely, as they are both trend following systems? Thoughts anyone?

 

[trendie]

Thanks for posting that chart. Having to wait for the 5 signals seems to give a late signal. Some after a big bar.

Compare to Igor's Slope Direction Line set at 20. Perhaps a few whipsaws but seems to catch the moves quicker. This version has an alarm.

OP thanks for starting this thread. It is always worth a look to check out a different idea.

thanks for providing the alert version -saves me from writing my own.

the settings should be a balance between getting in early enough of a real trend change, and not getting whipped by a small pullback. there are no ideal settings, only deciding what that balance may be.

30 is about right. (funnily enough, I used 36 on my musings using RSI-7). 30 is a good balance.

you can avoid a few whips by noting if a pin-bar has formed after an apparent trend-change. the pin-bar might alert you to the fact its a sharp pullback, and you may be better advised to trade back into the broader trend, in spite of the Hull-MA indicating trend-change. all opinion, of course.

 

[tommac]

Sorry to deviate but basic question if anyone can help. -how do you incorporate MG4 file ( as in Roy1 file) into Meatatrader please. My PC skills are hopeless.

 

[tommac]

Ok -sorted.

 

[Torran]

Ok -sorted.

So how did you sort it. I have the same problem

 

[wil68]

So how did you sort it. I have the same problem

I had the same problem last week. When the files come through fromn Gary, you need to make sure that you save them to the MT4 program file folder marked "indicators". Once this is done, you just follow the rest of the instructions.