Sniper Forex System
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rossobonks
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Thought it was a type error.....you should have left it a bit long at £10 a pip you would £700 up as we speak!!!!
Cut losses early.... let profits run.....
Cut losses early.... let profits run.....
gonnamakeit
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a little confused
1) right now there is a continued long signal on eur/usd but the dots are in red and above the bars ??? any idea why ..should be blue and below
2) everyone is talking about exit stratergy and profit targets...is everyone not keeping the stop at teh red/blue dot ??
1) right now there is a continued long signal on eur/usd but the dots are in red and above the bars ??? any idea why ..should be blue and below
2) everyone is talking about exit stratergy and profit targets...is everyone not keeping the stop at teh red/blue dot ??
The dots are red above the bars because the lower 2 histograms? do not match match in colour if that makes sense. The blue dots are now in place. The system doesn`t give an exit strategy and the stops are huge , maybe too big for some people . I guess some will run for longer than others.Ideally you are supposed to hold position until the bars start to change colour. That is my understanding anyway.
Hi,
I saw this thread and want to contribute to it. I have several different accounts using different systems. Some of my accounts are solely traded by automatic EA. I bought the system just to try it out. I have a separate account to trade this system.... I don't take every signals....i use some filters to pick the signals that I think are good. I started out 2 weeks ago with $5,000. At the beginning, I was losing money because I used a lot of different pairs and was all over the place. It quickly went down to $3,500 within 4 days. I now only use it on the major pairs and also filter the signals. I only take the signal that are in the direction of the trend and use stot to confirm...and it has worked amazingly. I also use a wider stop-loss instead of following the dots....because sometimes the dots are only 30 pips away and can be easily stopped-out. My account is now up to $9,900. I think this EA is great if you know how to use it. I will be adding more money into that account since I feel more confident about the system. I hope this help some people out in here.
I saw this thread and want to contribute to it. I have several different accounts using different systems. Some of my accounts are solely traded by automatic EA. I bought the system just to try it out. I have a separate account to trade this system.... I don't take every signals....i use some filters to pick the signals that I think are good. I started out 2 weeks ago with $5,000. At the beginning, I was losing money because I used a lot of different pairs and was all over the place. It quickly went down to $3,500 within 4 days. I now only use it on the major pairs and also filter the signals. I only take the signal that are in the direction of the trend and use stot to confirm...and it has worked amazingly. I also use a wider stop-loss instead of following the dots....because sometimes the dots are only 30 pips away and can be easily stopped-out. My account is now up to $9,900. I think this EA is great if you know how to use it. I will be adding more money into that account since I feel more confident about the system. I hope this help some people out in here.
gonnamakeit
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Hoangmik - a couple questions if u wouldnt mind
1) whats EA - and how does it work
2) which major pairs are you using
3) what are u looking for on the stoch to confirm the trend ( and what values in the stoch )
4) you say you will only trade the trend - what time frame are you using to confirm the trend ?
Thanks in advance
1) whats EA - and how does it work
2) which major pairs are you using
3) what are u looking for on the stoch to confirm the trend ( and what values in the stoch )
4) you say you will only trade the trend - what time frame are you using to confirm the trend ?
Thanks in advance
Will just answer 4. For me I was all over the place at the start of this demo. I now follow the 3 ducks approach to determining the trend, it's on the front page, is really worth a read and the whole approach will take about 10 minutes to understand. Today I didn't and would have lost big style. I followed sniper to the letter and no trades made any money. It's a very simple approach and has helped take a lot of the confusion out of this. Whether or not you then need sniper to give an entry signal, I don't know. I soon will though, as my sniper demo has to stop soon (8 days). I understand it's a peculiar day with the NFP news, so I am trying to put things into perspective, some traders don't even trade on this day.
Gonnamakeit,
1) EA is an Expert Advisor - I have several accounts that trade only with automatic EA. It open and close trade automatically. I have several accounts to diversitfy my money.
But that is another story and not worth mentioning in this thread.
2) I am using it in EUR/USD, GBP/USD, USD/CHF, USD/JPY, EUR/JPY, GBP/JPY...
Some of this pair might be correlated so I don't over-leverage myself and take 2 correlating signal...in fact, have the same signal for correlating pairs is also a confirmation for me.
3) I use stot in I hr chart to confirm. AC Stot going down from the 80 line - short
AC stot going up from the 20 line- long.
4) I usually look at the 1 hr timeframe. Sometimes up to the 4 hours to confirm trend.
Sometimes the signal might be wrong, but trading in the same direction of the trend might bail you out sometimes.... that why I use 100 pips stop-loss for most pairs. I know some people might say 100 pips stop-loss is too much, but it is not too much if it doesn't get hit often. You have to decide for yourself what kind of risk tolerance you can take. I hope this help.
Hoangmik,
you would have been stopped out today if you traded gbp/usd with 100 sl. your 4500 gain could be lost in around 5 stopped out trades? , you should be really bold.
so if you wait for Ac stoch going down for short and going up for long, then you dont follow the histograms at bottom( to match a and b ), you use the other indicators (like all 3 same color lines, arrow) and look at stoch ? Thanks, Sam
you would have been stopped out today if you traded gbp/usd with 100 sl. your 4500 gain could be lost in around 5 stopped out trades? , you should be really bold.
so if you wait for Ac stoch going down for short and going up for long, then you dont follow the histograms at bottom( to match a and b ), you use the other indicators (like all 3 same color lines, arrow) and look at stoch ? Thanks, Sam
Sam,
I did not take that trade signal today. The trend for GBP/USD is downward so I only take short trade...not long. I only use stoch to confirm not to make the trade. I also don't take a signal after there is already a big move. I use the sniper system alert along with my own judgement base on trends and direction of the stoch. It is just my filter. Right now it is not exact science yet. I'm trying to play with different filters to see if it would go well with this system. I normally don't trade 1 lots on a $5,000 account. I trade .5 lots at 100 stop-loss, so the maximum loss is only $500. I know it is still high for a $5,000 account, but I am willing to press my luck with this small account. If I go bust, it doesn't really affect me much....only $5,000. If you find any other indicator to confirm the sniper alert, I would like to know. Thanks,.
Similar to Sniper but cheaper
For anyone, especially those who have not yet bought Sniper, there is a very similar system here:
Forexeasystems - Automatic Trading Systems - Manual Trading Strategies - Knowledge for Trader
It is $100, so a lot cheaper than Sniper. It uses 5 indicators (not the same ones as Sniper) to follow trend. Works on MT4. German origin, but instructions in perfectly understandabe English, and comes with a nice round up of advice on good general trading practice, as well as specific trading instructions. They advocate a "2 ducks" approach.
I bought it to compare. Looks every bit as good as Sniper. Seems to give fewer signals, and maybe that is a good thing. Some trades trigger sooner than Sniper, some later.
I have yet to trade it.
They also market an EA auto trading system, which looks sound, but takes a scalping approach, with heaps of small wins and the odd loss. Although RR ratio is negative at 4:1, the win/loss ratio more than makes up, and they show a smooth equity curve.
For anyone, especially those who have not yet bought Sniper, there is a very similar system here:
Forexeasystems - Automatic Trading Systems - Manual Trading Strategies - Knowledge for Trader
It is $100, so a lot cheaper than Sniper. It uses 5 indicators (not the same ones as Sniper) to follow trend. Works on MT4. German origin, but instructions in perfectly understandabe English, and comes with a nice round up of advice on good general trading practice, as well as specific trading instructions. They advocate a "2 ducks" approach.
I bought it to compare. Looks every bit as good as Sniper. Seems to give fewer signals, and maybe that is a good thing. Some trades trigger sooner than Sniper, some later.
I have yet to trade it.
They also market an EA auto trading system, which looks sound, but takes a scalping approach, with heaps of small wins and the odd loss. Although RR ratio is negative at 4:1, the win/loss ratio more than makes up, and they show a smooth equity curve.
Sandy, looks interesting however their results on their Shark automated system only run up to 21st July and the manual up to 13th July. If you reference that with Concepts results up to then everything was smelling of roses. I would like to see how their system dealt with August and the first part of September which is when Concept hit its current run of bad form.
Have you been in touch with them yet? I would like to see how August and September panned out for them.
Have you been in touch with them yet? I would like to see how August and September panned out for them.
Yes, I got them to send me the full set of Shark results, but nothing more recent than you say. I think that as Shark is a scalping system it will not necessarily suffer the same way as Concept in this market. Why not email them your questions?
BTW the lifetime price of ProFX compares favourably with the cost of a one month trial of Sniper.
Ranging Price, avoiding whipsaw
If I'm teaching my grandmother etc, please ignore.
One of the problems in using a trend following system is that it works against you when the price is moving in a tight range. You therefore need to filter out the signals that occur when the price is ranging.
One way to do this is to ignore all signals while the price is within the range. If the price breaks out of the range in the direction of the most recent signal, enter the trade in that direction.
How do you know price has started to range? Well of course you don't know at first, but only after it has hit support and resistance (say) twice.
If I'm teaching my grandmother etc, please ignore.
One of the problems in using a trend following system is that it works against you when the price is moving in a tight range. You therefore need to filter out the signals that occur when the price is ranging.
One way to do this is to ignore all signals while the price is within the range. If the price breaks out of the range in the direction of the most recent signal, enter the trade in that direction.
How do you know price has started to range? Well of course you don't know at first, but only after it has hit support and resistance (say) twice.
gonnamakeit
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so do u think a comibination of sniper and 3 duck would work well....??
ive looked at all teh other systems everyone has spoken about and sniper ive been demoing...looks pretty good
i would pref EOD as im at work...but im i could possibly keep my pc every hour or so.
so 3 duck and sniper ??
ive looked at all teh other systems everyone has spoken about and sniper ive been demoing...looks pretty good
i would pref EOD as im at work...but im i could possibly keep my pc every hour or so.
so 3 duck and sniper ??
Certainly. They can work together. Don't use the 3 duck moving averages. Just have 3 Sniper windows open, one on each of your chosen timeframes. Enter the trade when all three agree. Maybe exit when one (probably the shortest timeframe) window gives an exit signal. Or just use two timeframes, that is probably easier.
gonnamakeit
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is that what you do ?? do u find it successful..
I read a few pages before people are combining this with the 3 duck - have u tried it with the 60day sma......? any feedabck ??
Thanks a lot
I read a few pages before people are combining this with the 3 duck - have u tried it with the 60day sma......? any feedabck ??
Thanks a lot
explorer626
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. -Yes Sandy . Those arrows look like they would have given good trades , except for two of the blue ones. I would like arrows like that. ! Where did you get them from?
Explorer
