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Forex sniper trading

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For example, if you add multiple indicators of a different design to the chart, it will only increase the number of false signals. There is a natural question. If you use indicators to discover price patterns and levels, will this trading strategy refer to a non-indicator Price Action system?

I suggest we discuss this idea in the comments. The Sniper strategy Forex is a Price Action strategy. The idea was suggested by Pavel Dmitriev about 10 years ago, and there are comments that this is just another upgraded version of such trading strategies as Meat, Meat 2, and Alive System. If you want, you may find more information on the Internet and share it in the comments. A remarkable fact. When this strategy was released, hardly anyone knew about Pavel Dmitriev.

But everything changed when there were created dozens of groups in social media, accounts on trader forums, where the Sniper strategy was being actively discussed. To attract beginner traders, the broker-kitchens and so-called business coaches offered a course teaching the strategy for free or with a significant discount, which increased the interest in the strategy, and the hype around it.

And a training course here was really needed. Common trading based on important levels was hidden so intricately that it was quite hard to understand it. It is not clear why should you apply a tactic that has so many difficult points and you should spend time studying its basics.

There many simple trading strategies for beginners, why should one buy a complex one for big money? The answer is a professional marketing campaign. The Sniper trading strategy breaks some of the Price Action principles in some way. It is designed for short, 5-minute intervals within a day with a short range of profit for one trade, so the strategy can be referred to as scalping in a way.

To disguise the classical theory of technical analysis that is the basis of the Sniper strategy, the developer introduced his own terminology. Bank Level BL is the level where the previous daily bar closes. The time is Greenwich Mean Time. Simply put, the candlestick that marks the key level breakout and the start of the opposite move. Impulse levels IL are the support and resistance levels that frame a flat in the M5 timeframe.

You enter trades only in the short-term timeframe. The trades are entered at the extreme price levels hit on the previous days, so two charts are used for the analysis. The bank levels are used to determine the entry points, these are the strong levels of the previous days where experienced traders enter the highest number of trades. The profit size before the partial profit taking is the same as the stop loss size. If after the partial profit-taking, the price will reverse and hit a stop loss, the trade will break even.

Step 1. The strategy developer suggests you start to construct the levels based on the so-called Bank Level, which means a three-hour shift before the day close relative to He claims that a point of And because banks are the primary market-makers and the liquidity providers, their trades may mark a strict price level. On one famous investment forum, I saw the results of interesting research. It reads that the trading systems operating on the timeframes of H1 and longer are not sensitive to the different GMT of brokers.

Step 2. The bank level is just a reference line, while the primary limit levels are the price extremes of the previous day. The framework graphically looks like this. The trader should draw the levels along with the high and the low of the previous day yellow lines in the figure. Once the price breaks out one of these levels next days and reverses, one should enter a trade. In this example, it is a buy trade.

Here, I should also mention another common term in the strategy, Consolidation Zone. After most of the trades are exited ahead of the end of the trading day for the sake of saving on the swap fees, the Asian trading session starts that features relatively low volumes of trades. Because of low liquidity, there emerges the Consolidation Zone that is basically a night flat. The above figure displays the examples of such flat consolidation zones, when, form early evening to early night the range of price fluctuations gets considerably lower.

Step 3. The Impulse Level means a range of prices in the short-term timeframe, which is a short section of the price flat movement. Or, it is a common sideways trend. There is not a common opinion on the identification of the consolidation zones and the impulse levels, according to arguments on trader forums. Many see just no difference between these concepts, and I agree in a way with them. I want to stress that the screenshots presented in the articles are just some examples of what the strategy author means.

All these zones are identified subjectively! The level of a sharp change in trend is a common pin-bar that is a candlestick whose shadow in the trend direction is longer than that of others. Rules for entering trades. The Sniper trading system suggests basing on the extreme price levels of the previous day identified in the longer timeframes. After the extreme price levels of the previous day are drawn and projected into the current day, one identifies the consolidation zones and flats in the short-term chart and paints local impulse levels within daily extremes.

Trades in the trend direction. Trades counter the trend. Trades are entered on the rebounds from the bank levels or TILs. That is, on the rebounds from the boundaries of the global daily channel, or the levels formed by market makers. There may be variants for the conditions to determine a false or a true breakout. According to one of the versions, a true breakout is a pin-bar that is at least 4 pips longer than the breadth of the local IL range.

According to another version, one should enter a trade if the price rebounded from the upper or lower boundary is more than 15 pips the flat range on M1-M5 chart is usually less, so such retracement may signal the sideways trend breakout. Rules for exiting a trade. The volume that you enter a trade must be shared into two orders. The first order is closed at the take profit that is set at the same distance from the entry as a stop loss.

The stop loss size is about 1- pips red line. Once the lower boundary of the range is broken out, you enter a short trade with two orders yellow line. The take profit is equal to the stop loss green line. If you enter a trade counter the trend when the price retraces from the TIL in long timeframes , you exit the trade in the same way. The only difference is that you put a take profit based on the flat patterns in the short timeframe.

Try to master the strategy at least for one currency pair, as it is rather confusing. The theory is good. But is hard to track all these patterns if are not trained, especially in the short timeframe. So, I do not think this strategy is good for newbies, and the professional traders already make profits trading based on patterns and strong levels. This is rather a result of a well-designed marketing campaign.

This gave hope to the beginners that there appeared a really winning low-risk trading strategy. Next, the strategy was spread on the Internet accompanied by grateful comments, which made the product commercially successful. The forex trading strategy Sniper is a good training tool for the demo account, it will teach you to discover emerging candlestick patterns, visually determine the horizontal levels, and so on, which is good in all types of trading.

And, of course, it will train to follow risk management that is the discipline. It makes sense to use some of its rules together with indicators. The description is confusing, so it is hard to understand the rules. Classical trading horizontal levels most commonly used as an additional tool is so confusing here, that it is difficult to decipher it even after reading the description a few times. Different Internet sources give different interpretations of the Sniper strategy.

The strategy can hardly be automated. It can be traded only manually. The strategy is efficient only provided you strictly observe its rules. However, the rules are so vaguely described that everybody interprets them in their own way. So, much of success depends on the skills and the intuitions of the trader. During the analysis, there are a lot of discrepancies in the identification of the support and resistance levels and flat zones.

The trading system Sniper is a common technical analysis with the differently named terms. The upgrades were launched to rather keep the interest of beginners and to support the created marketing environment.

One of such upgrades is the Sniper X. I have generally analyzed the Sniper strategy and a few of its upgrades appeared in What else could be done with the classics of technical analysis? As early as in , there appeared another variation of the Sniper strategy on the Internet. It is Sniper X and it has the following difference from the original version:.

Try Free Demo. Shooting Pips: Trading the Sniper Strategy. Contents Description of the Sniper strategy Characteristics of the Sniper strategy Important terms of the strategy How to open a selling trade by the Sniper strategy? An example of a selling trade by the Sniper How to open a buying trade by the Sniper? An example of a buying trade by the Sniper Closing thoughts.

Description of the Sniper strategy The strategy is meant for intraday trading , which means positions are not transferred to the next day. So, to work with the Sniper, you need: any high-volatile currency pair or any asset, such as Gold. We concentrate on exiting the night flat and the subsequent impulse that the market will further support.

Trade in the European and American sessions only. Here, we also focus on the energetic movements of the asset during the most active trading sessions. Money management is also vital. Use M1 and M5 for opening positions, while H1 and H4 - for finding important graphic levels because on minute charts the levels will be too abundant, hence, it will be hard to find important ones.

Hold trades intraday only and never transfer them to the next day because at night a new channel forms, and its breakaway will give us new trades the next morning. Try to follow this rule and exit the market before the end of the day. Important terms of the strategy The author adds specific names for the levels on the chart and other elements of the system, highlighting the uniqueness of the trading system.

Bank Level BL is the area where the previous daily candlestick closes. A breakaway of this level may indicate a further movement in the direction of the breakaway. Bank Level - Sniper strategy High and low levels are drawn through the highs and lows of the previous trading day; they are important areas on the price chart. After such a movement, the trend reverses, which is clearly visible on the chart.

Several candlesticks from such a timeframe create the sideways movement. Impulse Level - Sniper strategy Consolidation area is the flat formed at night in the Asian session; a breakaway of this channel gives a signal to enter the market. Consolidation area - Sniper strategy Safe means transferring the trade to the breakeven. The trader transfers the Stop Loss to the entry point, and in case the trend reverses, the trade closes at zero.

The second part of the position should be closed after the price covers the distance sized as the Stop Loss. How to open a selling trade by the Sniper strategy? Enter the market after a small correction if the following conditions are fulfilled: The body of the impulse bar is 4 points lower than the lower border of the consolidation. This is for us to assess the strength of the breakaway that must not be either too strong or too weak - 4 points are optimal.

After such a strong movement, the price corrects upwards, the size of the correction must be no more than 15 points. If the correction is over this, the market might have already worked off the movement, so we might never reach the Take Profit. If the channel is wider than 20 points. In such a case the movement risks to be weaker than expected. How to open a buying trade by the Sniper? Here, we also need the impulse candlestick to be broken away for more than 4 points.

After significant growth, wait for a correction to the range border. If the size of the correction is over 15 points, do not enter the market. Remember to assess the width of the channel which should not be over 20 points. Closing thoughts On the one hand, the Sniper strategy is rather simple: it has clear rules of trading.

Material is prepared by Andrey Goilov Financial analyst and successful trader; in his practice, prefers highly volatile instruments. Further reading Stocks. How to Avoid Traps for Bulls and Bears. Subscribe to R Blog and never miss anything interesting Every week, we will send you useful information from the world of finance and investing.

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