This is not so much of a review as a helpful hint. Sniper Forex system is a manual system that has been around for a while now and in all fairness has had relative positive reviews. Sniper forex trading system is a set of indicators combined with various but straight forward rules for entry and exit. It is clear from a visit to the Trade2Win forum and a read of odd pages on the subject that people definitely rate this or at least the principle behind it.
The system is as good a system as you are likely to find out there. It is really good at catching the trends, but like any system, the ranging markets are hard on it.
So all in all, Sniper Forex would seem like a system to try out. The good thing about Sniper Forex is that you are able to have a trial demo for free when you visit their site. And this is where things started to get interesting. Purely by accident I notice a similarity between one of the indicators and one I already had on my chart. After adjusting the settings on my chart I noticed it was actually identical.
So I started to have a look at the other indicators and could see by the settings on the indicator that one shared very similar settings with a well know common indicator. So on comparing the two it was clear again that this indicator is a common indicator. So why am I telling you all this? In all honesty, compared to some system sellers,Sniper forex comes across and pretty good.
Ideally I would rather see something such as Sniper, being sold with free open source indicators and sold as a detail trading method based on those indicators. Rather than making the indicators out to be some secret clever indicators. Anyway, below are the indicators I think are common indicators. Take a look yourself. You will notice the 3 lines than move in tandem with each other. You will see that the middle line is coloured green when the others are coloured blue.
This is because this is actually a Hull Moving Average which I added to the chart set to period As for the other indicators, I would need to do some more. For the stop signal one could try something like supertrend or chandelier exit or even another parabolic Sar. I think the two indicators mentioned above could be enough for someone to base their own trading system on. But I think what this post does show is that when things are displayed differently they often look more appealing.
Also when they are advertised as mysterious indicators they seem even more attractive. But in reality, mot much is new in this game anymore. Hope you enjoy the Sniper Forex System if you do buy it and hope you enjoy making your own system if that is the path you choose. Clicking on any of the indicator names will take you to the indicator download page where you can download various versions of these indicators for free. Here is an ATR Stop indicator that may do the trick for the stop.
Have a play with the settings and let me know. An update on Sniper Forex: I should have noticed it before. Maybe the Hull moving average. A faster one that the centre line. It may be based on whether the MA it is based on is sloping upwards or downards but would need some more time to look into it. But if you have a play with various Moving averages I am sure you will see how close you can get it to Sniper Forex.
You will probably also see how little differences the variation between different indicators matters. Not too sure but based on past experiences you could use a varity of different stop methods and it will not effect results too much. Some form of chandalier or supertrend would be your best bet imo. Not worth buying the indicators for my trading but some might prefer the way the sniper forex indicators look.
I would love it if someone would write to me at JStraw yahoo. I have been running the software by sniping individual candle s and have been very satisfied with the results.
But this is time consuming and requires constant vigalance. I do not know if running the software the proper way does or does not and then do not even know what to look for. Also you could try and find the sniper thread on Trade2Win. Hopefully we will have a forum to discuss all these systems later in the year but until then it is probably your best bet. Thanks for your search. Most of us part with our money mainly because the forex marketers know how to say what we want to hear- big profit!!!
As has been said here, most of these systems are just repackaging. Just google anything under the sun today and you will have tonnes of information to pick from. I shall report back after testing the settings on the so-called Sniper forex. In case any of you are wondering about optimal entry using this system, you should enter the trade when after a trading signal, the first dot appears on the other side of the bars.
For example, in the above chart you would wait for the first blue arrow, then when the first blue dot appears you can enter the trade,. An SMA is an equal weighted average so each price over say a 10 period range is given the same importance when calculating the average. And EMA gives more weight to the most recent prices. Fill out the form below to signup to our newsletter and we'll drop you a line when new Indicators and Expert Advisors are added.
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