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. It does not claim to be something it’s not and does not lead you up the garden path..or at least not like some Expert Advisors do.
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 120 odd pages on the subject that people definitely rate this or at least the principle behind it.
When I asked the members to name something they liked and something they disliked about it, it was met with the response; “I can’t think of anything I like least. 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. Even on ranging, most times the stop outs are at a minimal pip loss“.
And there are plenty of examples of “tests” that suggest that risk to reward ratio is excellent, which if you know me by now, is in my opinion the most important factor to consider in a trading system. 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.
I am also happy to say as of yet I haven’t identified the 3rd (and 4th) indicator but I am sure it won’t be too hard to discover after a little more work. So why am I telling you all this? In all honesty, compared to some system sellers,Sniper forex comes across and pretty good. However, I am not sure I could suggest that you part with nearly $300 for something that is for sure half based on common indicators. 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.
That being said…I can’t fault that the indicators look nice when they are displayed in the sniper format but is that really worth the cost? Probably not. I would rather the method with full disclosure of the indicators were sold for $30-$50 or suchlike.
Anyway, below are the indicators I think are common indicators. Take a look yourself. Try the demo and compare and decide for yourself whether you need to pay $300 for the ‘other’ indicators.
Here is a quick chart with the Sniper Forex indicators on.
You will notice the 3 lines than move in tandem with each other. Those are the Sniper’s signal lines. 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 30. This matches the Sniper indicator’s middle line perfectly. as for the other two lines I would suggest that they are a Hull moving average applied to the high and to the low, although I have not tried it.
The bottom indicator called Sniper Trend B is basically a Parabolic Sar set to 0.01 and 0.1 in the settings and displayed a a red bar when the price is below it and blue bar when the price is above it. Simple as that.
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. It’s all just repackaged and re-priced stuff from old.
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 think I may have cracked the Trend A indicator. I should have noticed it before. Ignoring why the blocks rise and fall it looks like the colour changes on closing bars/periods below or above a moving average.Maybe the Hull moving average. A faster one that the centre line.
Some times it’s one bar out or two but that could just be the difference in the way it was/is calculated or maybe it’s based on a close below the low and high hull moving average.? 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.