FX Sniper Forex Trading Strategy

A strategy that offers the most useful information on when to enter or exit a trade is crucial for just about anyone in the currency market, thereby reducing the risks associated with entering the market wrongly.

The FX Sniper forex trading strategy is designed to allow you capture price action in a decent way.

Chart Setup

MetaTrader4 Indicators: FX Sniper’s T3 CCI.ex4 (default setting), DonchianChannels.ex4 (default setting)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Day

Recommended Trading Sessions: London, New York, Tokyo

Currency Pairs: Any forex pair

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Buy Trade Example

Fig. 1.0

Strategy

Long Entry Rules

Enter a buy order in the market if the following chart or indicator pattern gets displayed:

  1. If the blue line and green histograms of the FX Sniper’s T3 CCI.ex4 custom mt4 indicator align above the 0.00 signal level, price is said to be pushed somewhat higher i.e. a signal to buy the pair of interest.
  2. If price closes above the blue middle line of the DonchianChannels.ex4 custom mt4 indicator, the sentiment in the market is said to be bullish, as such enter a buy order on the open of the ensuing candle as shown on Fig. 1.0.

Stop Loss for Buy Entry: Place stop loss below short-term support.

Exit Strategy/Take Profit for Buy Entry

Exit or take profit on position(s) if the following holds true:

  1. If the blue line of the FX Sniper’s T3 CCI.ex4 custom mt4 indicator breaks below the 0.00 signal level during an uptrend as illustrated on Fig. 1.0, it is a trigger to exit or take profit without delay.
  2. If price dips to close below the blue middle line of the DonchianChannels.ex4 custom mt4 indicator, it is a sign that buyers are losing steam, hence a trigger to exit or take profit.

Sell Entry Rules

Enter a sell order if the following rules or conditions holds true:

  1. If the blue line and red histograms of the FX Sniper’s T3 CCI.ex4 custom mt4 indicator align below the 0.00 signal level, price is said to be pushed somewhat lower i.e. a signal to sell the asset of interest.
  2. If price closes below the blue middle line of the DonchianChannels.ex4 custom mt4 indicator, the sentiment in the market is said to be bearish, as such initiate a sell order on the open of the ensuing candle as shown on Fig. 1.1.

Stop Loss for Sell Entry: Place stop loss above short-term resistance.

Exit Strategy/Take Profit for Sell Entry

Exit or take profit if the following chart or indicator pattern gets displayed:

  1. If the blue line of the FX Sniper’s T3 CCI.ex4 custom mt4 indicator breaks above the 0.00 signal level when the sentiment in the market is bearish as shown on Fig. 1.1, it is a trigger to exit or take profit straight away.
  2. If price rises to close above the blue middle line of the DonchianChannels.ex4 indicator, it is a sign that sellers are exiting their positions leaving more buyers in the market, hence a trigger to exit or take profit.

Sell Trade Example

Fig. 1.1

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About The Trading Indicators

The DonchianChannels.ex4 is a technical study that was created by Richard Donchian and has the core aim of measuring volatility in the market.

The bands tend to expand with increased volatility, and contracts when volatility decreases.

The FX Sniper’s T3 CCI.ex4 custom mt4 indicator is a trend-momentum that is based on the Commodity Channel Index (CCI), the indicator that can be used in generating intraday signals.

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