4x Pip Snager Review – Jason Sweezey

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    4x Pip Snager Review – Jason Sweezey

    Click below to visit the website

    Key Info

    Publisher:  Clickbank
    Cost:  $97 with a 60 Day money back guarantee
    Review Date:  August/September 2010

    What It Says On The Website

    “Learn how to make 300 to 500 Pips a week with 87% accuracy” – 4 X Pip Snager is a “new Forex system that will change how you trade forever”.

    Jason Sweezey tells us “the reason why traders lose most of the time is because they’re buying when they should be selling or they’re selling when they should be buying” with the fact being that “most traders want to trade against the trend – resulting in loss, after loss, after loss”. The good news here is that “4 X Pip Snager is going to change all that”, guaranteed.

    “4 X Pip Snager will show you how to enter your trades in just the right place each & every time, and you’ll start making 300 to 500 Pips a week just like that!”.

    Yet another system that lists the complicated things you don’t need; Fibonacci, Pin bars, Inside bars, Head & Shoulders, Pennants, Pivot points, Triangles, Flags, Neural network equations, etc. to name a few. Nor do you have to “stare at your screen for 12 to 16 hours a day! A few hours a day is all that’s needed”.

    Three sample videos illustrate some trades and there are also over a dozen screen shots, all falling into the 87% accurate winning trades. There’s then a dozen or so unsolicited testimonials, feel free to read them should you wish.

    Later down the page we find we are actually getting two systems, the 4 X Pip Snager Scalper system and the 4 X Pip Snager Day Trader System. We then get promised a $197 bonus, the 4 X Pip Snager Swing Trader System, so three systems in total.

    This is a Clickbank product and therefore comes with the Clickbank 100% money back guarantee.

    The Material

    The 69 page 4 X Pip Snager Official Trading Manual and a 7 page Installation guide.

    The manual’s Introduction mainly re-iterates the material from the website and then gets into the first system.

    4 X Pips Snager M1 Scalping System

    EURUSD is the recommended instrument and the UK Opening session, 08:00 – 10:30 London time is the preferred time-frame. The other timeframe identified as being particularly good is the US Opening session 02:00 – 04:30 EST.

    Near term Support & Resistance is used, apply it to the charts yourself. Trade entry is then identified by using the 4 X Pip Snager Filter in conjunction with the 4 X Pip Snager Trigger line & Trend line indicators (these 3 items are all customised MT4 indicators). The objective here is to buy/sell with the trend after a retracement.

    It is then made clear that a 1 pip spread and extremely fast execution is paramount to using this system successfully.

    No Stop or Target is used for this scalping method. Exit is, if the price stalls, the Trigger line crosses over the Trend line indicator or the Trend line changes colour.

    There then follows many winning examples and illustrations of how to use Support & Resistance.

    4 X Pip Snager M5 Day Trader System

    “Very similar to the 4 X Pip Snager M1 Scalping System”. EURUSD is still the recommended instrument and the UK Opening session, 08:00 – 10:30 London time is still the preferred time-frame. Other instruments are mentioned, GBPUSD, USDCHF, US Dollar Index and Sweet Crude Oil. The main difference here is that the Day Trader system uses the 5 minute chart (M5) whereas the Scalping system uses the 1 minute (M1) chart.

    Entry is pretty much the same as with the Scalping system but for this system a Stop loss is used. It is set above/below the most recent swing high/low. Exit is again ambiguous, once you see a nice profit move the Stop to breakeven and then once you see some more profit trail the Stop to lock in profit until you feel you want to close the trade. The alternative is to have a 2:1 Target, so if the Stop is 25 the Target will be 50.

    4 X Pip Snager Swing Trader System

    Our $197 bonus system was “Written on the spur of the moment”. It is a “Trending system” and is suited to “instruments that trend like GBPUSD, GBPJPY, EURJPY and USDJPY”. The rules are exactly the same as the 4 X Pip Snager Day Trader System.

    There then follows some illustrations of the Swing Trader system in action. The remaining 30 pages (almost half of the manual) covers subjects such as Money management, Psychology, Account opening and setup, etc. Anyone with any level of experience will, more than likely, find little of interest here.

    Installation guide

    A 7 page guide that is well written with crystal clear instructions.

    The System

    Follow the installation guide, kick off the Installation file and follow a couple of simple instructions to install the MT4 template/indicators. You should be up and running in less than a couple of minutes.

    Now, onto the systems …

    4 X Pips Snager M1 Scalping System

    Based on the 1 minute chart – Entry is simple enough and after looking back through a few days worth it doesn’t take too long to grasp. It is defined as mechanical but in reality there is a little bit more to it than that. Discretion comes into play when identifying a choppy market, determining if one part of the set up (the “gap”) is correct and also whether there is sufficient distance to the Target based on recent Support and Resistance.

    So, Entry is, in our opinion about 60-80% mechanical. Stops and Targets are discretionary. To try and introduce some kind of order and for the sake of having something measurable, we adopted a fixed 10 pip Stop and 10 pip Target assuming that the 10 pip Target was before prior Support/Resistance areas.

    So, not very sound ground rules.

    4 X Pip Snager M5 Day Trader System

    As this is “Very similar to the 4 X Pip Snager M1 Scalping System” we were in the same boat in terms of Entry. However, luckily we had a more defined Stop loss, above/below the most recent swing high/low. And again, we have a more defined Target, employing the afore mentioned 1:2 Risk;Reward.

    A little better!

    4 X Pip Snager Swing Trader System

    We decided that 2 out of 3 of the systems would be enough for us especially as this one was “Written on the spur of the moment”. So, we did not trade the 4 X Pip Snager Swing Trader system.

    Can It Work

    We traded both systems (Scalping on the 1 minute chart and Day Trader on the 5 minute chart) mostly in real-time (some retrospectively) during August and September over a 6 week period during the recommended time-frame, 08:00 – 10:30 London time. Entries/Stops/Targets as specified above.

    Scalping System
    – 24 trades, 12 winners and 12 losers
    – A net return of 0%

    Day Trader System
    – 13 trades, 3 winners and 10 losers
    – A net return of -8%

    Neither system returned anywhere near 300 – 500 pips a week and neither was near the 87% accuracy rate identified on the website.

    This is NOT “going to change the way we trade forever”.

    Support

    We had no reason at all to contact support so cannot comment.

    Summary

    PRO’s
    • Easy to install.
    • May be of interest to those already scalping EURUSD or who have a very strong interest in the subject.

    CON’s
    • Not particularly mechanical.
    • We did not manage to get anywhere close to the 87% accuracy or the 300 to 500 pips a week either.

    Do remember, your comments are important – If you have used or decide to use this system, please contribute to the community by reporting back your findings.

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