There is another set-up forming with GBP-JPY, but it doesn't look as good as the previous set-up with GBP-USD
It's quite similar to the previous in that there was a strong bearish mood followed by the bulls taking the price up to break above the BMB. The current candle will close as a bearish engulfing, but as the previous 3 candles' bodies were formed completely above the BMB, I would want to see the current candle engulf the previous 2 in order to have confidence in a short position.

Hi Keith ,
I don't think you're trading the sniper system here,you are just using candle formations and BB (correct me if I'm wrong)
But if you are using the sniper system, the break out needs to be from above the sniper lines and the top BB, apart from that this a fresh new up run starting.
Sorry for butting in just something I noticed
Cheers
Ian
ps If you chuck an 8 open/close mas on your chart it is easy to see a fresh run

Hello Ian,
No this is not the Forexoma snipers system. I'm just experimenting with BB and candlestick patterns. The snipers MA's are on my chart because I will be trying to learn to recognise good trade set-ups with snipers and it wouldn't make sense to have a separate profile set up. There will be times that there will be overlaps with Vahid's method obviously.
As I have already posted, these trades will be Demo account only. I'm not going to risk real cash until I am sure that I can work with the M30 charts.
When I read that Vahid believes that the M30 charts seem to work best with snipers, I was surprised to see that it does looks quite accurate with continuations and reversals of trends. This is something that I have been mulling over for a while now. I'm now putting it into practice. Definitely just practice as I'm not totally sure of strategy.

It has become obvious to me me that I am still a long way from being able to earn a living with trading forex. I just don't see enough trade set-ups with the H4 and higher time-frames using my strategy. If I can learn to trade successfully in the smaller time-frames, then the possibility of a proper income could become a reality.
I am demoing this method with candlestick patterns and bollinger bands in the hope that I will get better at identifying the reliable candlestick signals. It may be useful if/when I adopt the snipers method.
I got the impression that Vahid was going to issue snipers signals based on a higher timeframe as it is too difficult to keep members informed in real-time as most have full time jobs.
I want to stick with and investigate the M30 time-frame more thoroughly.
Although there will be similarities, I don't want to be accused of duplicating Vahid's methods in my journal, so I hope to gain some experience that will help me with my future trading.
For the moment, I will be following Vahid's teaching re using the snipers method and hope that I will be able to grasp the concept. But in this journal, my posts re trades on the M30 will be based solely on continuations and reversals at breaks of bollinger upper, lower and middle bands.

I see a possible trade with the USD-CHF M30
The mood has been bullish lately and the bears have taken the price down to break below the BMB. This current candle looks to be closing as a bullish engulfing, so a signal to open a long position. However, as the upward move only managed to flirt with the BUB instead of a clean break, I'm not too sure that this is a valid bullish movement.
I will sit this one out

Just to explain a little more about my attempt to determine the better and not so good trade set-ups.
on both the EUR-USD and AUD-USD M30 charts, the current candle is a bearish engulfing and could indicate a continuation of the stronger downwards movement. I will ignore both of these because none of the bollinger bands are pointing downwards.

With such a large opening gap this week, the bollinger bands are really thrown out of wack and so it was necessary to wait 10 hours, or 20 periods for everything to equalise.

The AUD-USD M30 chart shows a mainly bullish movement so far today. The last complete candle shows a break of the BMB with a spinning top, almost a doji, so a good indecisive candle. The current candle is bullish and at the moment and engulfing the previous 2 candles
If it closes like this, I will open a long position with a stop at 0.9020, just below the recent low.

I placed the demo trade with AUD-USD
The candle closed at 0.90591, so I should have opened the long at 0.9061, but it jumped a few pips so..

Long entry 0.90653
Stop 0.9020
Target 0.9110

Are you using the Sniper system for the basis of this trade?

No Bill,
This is just based on engulfing candles at bollinger band breaks. It is something that I have been investigating for a while and Vahid's snipers strategy made me realise that the M30 timeframe could work well with this. For the moment I am only trading this on a demo account to see if it works.
We had a storm here earlier and I missed a long trade set-up with the GBP-USD that would have worked
I hope that you believe that this is not using the benefit of hindsight, because I am sure 100% that i would have taken this trade (on demo)



By backtesting this strategy has a hit rate of about 60%, but the pair that I am really interested in is GBY-JPY. That one. as always offers much better opportunities for higher rewards to risk.

The only reason I asked is because the Sniper system only deals with the outer BB's and I thought you may be mistaken. I see your point.

The last M30 trade didn't work
Will see how this one does

USD-CHF

Long entry 1.11113
Stop 1.1080
Target 1.1143

These M30 demo trades are not working out so well, but that's not necessarily a bad thing. I'm gaining experience without risking real money. The last 2 have been losers, but a very small sample in the grand scheme of things.
With the USD-CAD, there has been a period of consolidation, so I am looking for a continuation of the downtrend.
It broke above the BMB and the last candle was bearish and engulfing the last 3 candles. Usually I would not take a trade following such a dramatic move, but I am learning here.
So I have opened a short position on the demo account
Short entry at 1.02308
Stop 1.0270
Target 1.0190

It's already moved against me during the time that I make this post, but early days yet

That last trade hit my stop as well. Good job these M30 trades are only on demo

GBP-JPY
The last candle was a bullish engulfing following a break below the BMB

Long entry 138.337
Stop 137.88
Target1 138.80

You need to develop some more rules if you are going to call this a system. This current trade with engulfing candle closing below BBM is not a good idea at all. The way you are trading this on such a small time frame I believe it will be a 50/50 win/loss at best.

Bill

That is why I am only trading the M30 with a demo account Bill.
So many times in my trading I have ignored a trade set up because I have waited for a break of the bollinger middle band. This has worked against me so often, that I am sort of using this in reverse.
If, over time this works out with a 60% hit rate, that would be enough for me. If not, then I hope that the experience will be helpful with Vahid's snipers system

Target hit with this GBP-JPY trade

GBP-USD M30 demo

Long entry 1.48983
Stop 1.4870
Target 1.4927

This doesn't look to be a perfect set-up in any shape or form, but I'm taking it on Demo for experience. Learning to tell the not so good set-ups will help to find the better ones.
The bullish engulfing candle here is probably not decisive enough so may lack momentum. It looked better a few minutes before the candle closed

I've missed a few set-ups as not been able to spend the time monitoring the charts.

USD-JPY
The recent trend is down and we have a bearish engulfing candle following a break of the BMB.

Short Entry 92.682
Stop 92.90
Target 92.46

OOps - I made a bit of a mistake with the stop on this trade

The recent high was 92.80 and considering only 12 pips above my entry, 22 pips stop is too large. Should have been more like 17.
Oh well, it's done now !

Hi Keith,

Do you check your PM?

Vincent

I have now Vincent

Thanks

Keith