Sniper Forex Method

love renko charts, love your method too

Selva

I am glad to see your new thread. Now you can post whatever you want to show us and not feel that you are cluttering someone else's thread.

You have done a lot of research to develop your technique and I am sure many will benefit from this thread.

Thanks for sharing your work.

Good trading in future.!!

daveM

Hi, selva

I'm guessing you are thinking that market is going to retest and might even breaking the H4 resistance.
Anyway, congrats for your new thread, I'll follow with interest.

Wish you a good luck and happy trading.

sorry for the late reply, and really happy to see you participating in discussions.

yes you are on the track. but as already mentioned we will see what the market movers thinking at that levels . because all s/r lines will not act as s/r in future. so only i asked you to code how many times price hit that level and reverse again. the higher number then higher probability....

thanks for your comments

thanks for your appreciation, please continue your visits.

hai,
first thanks for participating in discussions.

why i took long?

here is answer for all you guys.

 

1. firs i see the reversal of pa over 10 pips in 18 pip size renko bar
2. there is also a support bellow there
3. overall we have bullish bias for yesterday at d1, charts

then validation:-

1. at the same point of reversal in renko, i got a pinbar at 1hr chart.
2. the price is supported by 21 ema at 1hr chart, 8 ema in 4hr chart.

​so these give entrance

riding...

1. the next candle after pin bar clearly breached the h1 resistance and stayed above
2. then price halted at 4hr resistance , but 8 ema managed the clear support.
3. then exit on daily pivot r1 or above. because i am happy with 50 pips per pair.

​happy learning.

Ok, i understand. but, maybe you should ask somebody else to code that, it would be more fast than me. bcoz i have a full-time job out here. so, sorry for that.

hai to all,

how to choose time frame and renko brick size?

this will be the question in all your minds. there two factors which will give the answers for you...

1. what kind of trader you are?
2. how much time you will spend on trading?

​the first question is really easy to answer. whether scalping or positional. for your kind information in my terms scalping means 5-10 pip profit, positional means 50+ profit sometimes regarding to market we have to exit at 25+. (25+ is also a good profit in single trade right?)
comes to second question. it is really hard to answer. because you can not fix the time to spend in trading. because the trading itself demands the required time. so if you cannot afford to spend the time what forex trading demands please dont trade. this system is for only who ready to spend time before monitors to shoot at right time that's why sniper.

size of renko:-
this also a valuable lesson which i got from my professor kiads, usually we will look at 1 hr and 4hr charts. so please drop the atr in the desired currency pair and look the average pip movement of the candle to the particular time and note it. then please input the the number in the size tab at renko indi.
which chart to look:-
that's your choice but 1hr is recommended. you can use 30 m chart. but it is up to you. because new methods using this base will be encouraged. but the results is up to you.feel free to share.
what pair we will use:-
you can use any pairs. because we are using traditional methods. so all pair will work good. but in my suggestion please use the pair which has 100 and 100+ average movement in daily, weekly basis.
because it is simple strategy "if a pond is filled by more fishes, then it will be easy to catch fishes".
what we will do at news time?
it is simple question we will not trade at news time before 30 min and after 30 min, to avoid market fluctuations. but this will apply to the impact ratio of the news. only high is considered. sometimes medium according to previous impact.
money management:-
regarding money management you have to find your own. because i don't know what your up to.

in my terms,

1. 100 $ account could open upto 3 0.01 lot at 500 leverage.

​but it is upto you people to choose it. soon the rules will be posted......

hai to all traders,

for your kind information, geppy hits 173 key area and there is high impact news which turned negative for gbp, so long term positional traders would sell and aim for 100+ pips here for sure.( this is purely fundamental analysis). when price falls you find support at 172.50. to 172.60 range.if it breached then next stop 172.30 and 172.35. if it managed to breach it then you are on the way to 172.00

hai to all,
levels to watch gppy, you can see both renko and standard chart have shown clearly in same way happy trading

Hi Selva
Really appreciate that you show us this method of trading. May I ask what is the difference between the yellow and magenta support n resistance lines in your H1 standard chart?
Thank you

hai,

first i am really sorry for the long late reply.

i am really happy that you came to this thread and try to use this system. the magenta lines are 4hr s/r lines, the yesllow lines are 1hr s/r lines. if you read the earliest post of plotting s/r lines you will easily understand this method. continue visiting this thread. happy trading.

IMPORTANT UPDATE:-

hai to all. actually i have been busy at my year end tax repayment in our country. so only i am not able to post those methods as planned. so i am so sorry those who have expected.

then some of you people pm me about is this the original method you are trading. for those who asked this questions. quite frankly i am answering.

this is the base of this system only. i use some other important points to scrutinize my entries. which makes the entries perfect. and every day the market dont re-act same as it acted. so we have to change the key points as the market turns.

but these extreme points are not easy to learn in one day. it will take days may be years to perfect them. if those points are easy to learn in one day . then all traders will be millionaire and all banks will be in huge trouble.

so i use this system as base and let the market decides what are the other points i have to use to jump in and jump out of a trade. that's it. for example i have posted a trade using fundamental analysis. if some one jumped in that trade i am sure they will have 75 pips in short and same 75 pips in long in that one day itself. in this trade i just simply take the resistance as the point and this resistance is the important resistance and there is a negative news for gbp. so all the buyers who bought this pair at 169+ will happy to sell their gbp/jpy pair at 173. so the sell off has happened and earned the pips. if you looked at the post which i mentioned about this trade. i have mentioned about the s/r lines also. on that day market demanded to take the trade by fundamental analysis. i did .it turned out to be a good trade.

no one will say this is the trade made by out of system. so i dont want the pips earned. when ever market demands, we have to re act as demanded. then our wallet will be out of space for pips filling.

please remember the following sentence which was told by forex professor KIADS- "BE PREPARED" because you will never know what forex is going to you at the very next second.

and in this weekend i will post those candlestick patterns, and some deep analysis of s/r lines, which will helpful for those who follow this thread.

thanks Selva1437, for your time and support.
I am waiting anxiously for all the details/gems
to come from you on this weekend.

take care,
Love and Peace

Thanks Selva1437,

Could you give a common template for using through that thread?
I have add all indicators which you supply but it is a intricacy chart.

Thanks,
Happy trading!

Hi Selva,

It is a good idea to start a new thread, thereby keeping Kiads method thread easy to digest for new comers. I have one stupid question. How did you bring the 4 hr and 1 hr support lines to the Renko Chart ? You draw them again ?

Cheers.

hi,
Attached is the template. We will try to improve this.

Things to do:
1) copy the Sniper template to the template folder. Open MT4 and apply the template.
2) plot the Horizontal S/R lines after zooming to 4HR chart (select magenta color)
3) plot the Horizontal S/R lines after zooming to 1HR chart (select yellow color).
4) Note that EMAs colors in my template are matched to the respective time frame.
5) Find the latest move in your chart and plot the Fibo. Use them to gauge the retracement.
6) add iDaily Pivots indicator and accompanied S/Rs and use them as your TP levels

@Selva,
Here is what I incurred.

GBPJPY Chart 15M
8 EMA on 4HR chart i= 128 EMA on 15M chart
21 EMA on 1HR chart = 64 EMA on 15M Chart

Please confirm if this is OK for you. Also provide 4HR and 1HR S/R values (of horizontal lines). Same with Trendlines too. This way we all have same chart. Together we all see what you see. If we see what you see then we can take the same trades (more or less).

hai dinhienhy,

thanks for visiting this thread. usually i will not use all the indicators in one particular chart. i will avoid the pattern reorganization master. because i know the patterns which we use. then ssa and fibonacci just i will use it once in the start of trading to mark important levels. so far i dont tell the method with ssa and fibonacci .because these are extreme points to understand. so right now just follow

1. renko reversal
2. validating renko reversal
3. by candlestick patterns
4. s/r lines
5. daily pivot points
6. daily pivot point s/r.

actually,
we are using pivots for analyzing the trend of the day. and pivots sr to exit the trade. but the exit and enter should be made by the market not you. because when you entered long at good support. but the price reached the pivot r1. and you decided to come out of the trade with 10 or 15 pips. but market not yet decided to halt at pivot r1, it breaks the pivot r1 and rallied to pivot r2 or any other resistance then the market decides to go south. at this time your mind will scolding you like "if you traveled with the wave you can get 100 but you get only 15" .
the above scenario will affect you psychology of your trading. like the next time when you trading you entered in the same good support, as usual the price will hit pivot r1, by this time your mind will speak to you like" on that day you take your decision by your own and lost 80 pips, but now i am telling to continue in this trade" and you will also continue as your mind said. but market has already decided to turn south. for each and every pip going south you will be tensed or you will be praying god please turn it north and i will break even .

so only so many novice traders fell to the emotions. in forex there is strict rule.

"NEVER EXPECT THE SAME PA TO BE CONTINUED" AND "BE PREPARED FOR WHAT YOU SEE IN CHART"

so dont put all indicators at same time. please put s/r lines and pivot point indicator first and look you chart and analyse your chart. when you feel that you have get an idea what is drawn in your chart then go to renko and create renko chart as mentioned in above posts. then see the renko reversals, and watch the patterns in the standard chart. then eliminate false breakouts.
try this at demo trading for a week if you are too smart you will get the idea in one day. then we will add some more technical to prevent from wrong entries.
happy trading.

hai to all followers,

IMPORTANT UPDATE.
if you feel that selecting renko boxes with atr is big in size. you can reduce the size to 1/2 or 3/4. or to put as 10 pip size. but dont go bellow 10. if atr suggest bellow ten you can do it.