In this post I will be reviewing the ATB Sniper Indicator that has been developed for use in the free to download MetaTrader 4 (MT4) trading platform. MT4 is one of the most popular forex trading platforms and is provided by most forex brokers worldwide. You can open a free demo trading account in MT4 to start trading with various different manual forex trading systems.
In this ATB Sniper Indicator Review, I will be taking a closer look at this forex trading tool to see exactly what it is and how it works. Hopefully, this will help you to make a decision if it is something that you would like to implement as part of your daily trading routine.
ATB Sniper Indicator Features
The ATB Sniper Indicator works by simply placing it onto any currency pair and any time frame chart that you wish, for it to look for triangle patterns and build them on your charts for you. I mean you could do this yourself, but it is time consuming and can take years of practice and experience to perfect.
A triangle pattern forms when a stock’s trading range narrows following an uptrend or downtrend, usually indicating a consolidation, accumulation, or distribution before a continuation or reversal. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
The fact that many forex traders also use triangle pattern means that the levels displayed can be useful. You will of course need to be selective with the trades that you take based on the triangle setups and also have good money management in place. I would want winning trades to outweigh losing trades with a good risk to reward ratio.
I would also use a reputable ECN forex broker for the best possible trading conditions which includes low spreads, low slippage and low commissions. If you are new to forex trading online and looking for some inspiration, IC Markets are one of my top forex brokers as they have quick execution speeds, tight spreads, low commission fees and excellent customer support.
How to use the ATB Sniper Indicator?
The ATB Sniper Indicator is a standalone indicator that uses price action analysis to build triangle patterns on your MT4 charts which can then in turn provide trade entry opportunities. You may take the ATB Sniper Indicator signals as they are or with additional technical, fundamental or price action analysis. I would always want to confirm each signal and would not take them blindly without additional market analysis.
The ATB Sniper Indicator is very easy to interpret with many trading examples included thus making it suitable for novice and advanced forex traders. It is very versatile as you can use it on any financial instrument or chart timeframe that you wish. It can be used for scalping, day trading and swing trading. I find that the higher chart timeframes do a good job of filtering out the choppy signals that can occur on the lower chart timeframes.
What is the Triangle Pattern?
Triangles within technical analysis are chart patterns commonly found in the price charts of financially traded assets such as stocks, bonds, futures. The pattern derives its name from the fact that it is characterized by a contraction in price range and converging trend lines, thus giving it a triangular shape. There are three types of triangle patterns: ascending, descending, and symmetrical.
Triangle patterns are important because they help indicate the continuation of a bullish or bearish market. Usually with a triangle pattern, the price consolidation period consists of higher lows and lower high, forming the shape of a “triangle” when the resistance and support lines converge towards each other.
An ascending triangle is generally considered to be a continuation pattern, meaning that the pattern is significant if it occurs within an uptrend or downtrend. Once the breakout from the triangle occurs, traders tend to aggressively buy or sell the asset depending on which direction the price broke out.
ATB Sniper Indicator Summary
Overall, the ATB Sniper Indicator does a great job to automatically find triangle patterns for you which can be a precursor to market moves thus giving you another edge with your trading analysis.
It is very flexible and will save you the time finding these triangle patterns and plotting them yourself as the ATB Sniper Indicator can analyse multiple currency pairs and time frames all at once.
A triangle indicates that investors do not know whether a bull market or a bear market will prevail. If the triangle breaks upward, it is a bullish sign, but if it breaks downward, it is a bearish sign. A triangle is also called a wedge.
However, there will be many false trading signals which means that it does require the user to conduct some additional market analysis if they want to try and filter the good from the bad signals.
I would personally not use this on its own as a standalone trading strategy, but I would rather include may own additional technical, fundamental and price action analysis.
You could always start using the ATB Sniper Indicator on a demo trading account to begin with. This could be a great way to familiarise yourself with how to use and get the most out of it. If you find that it is working well, you could always implement it within your own trading strategy to help you achieve your individual trading goals. There are many ways in which the ATB Sniper Indicator can be used, so it is important to try and see if it can work for you before making any commitment.
The ATB Sniper Indicator comes with detailed instructions, trade examples and a money back guarantee. I think it is worth taking a look at if you have an interest in manual trading and want to add a new tool to your trader’s toolbox. The developer also has some other handy forex indicators that you can find on their website by visiting them using the link below.
ATB Sniper Indicator
$297
Pros
- Versatile Forex Indicator
- Multiple Currency Pairs
- Multiple Timeframes
- Triangle Patterns
- Forex Signals
- Manual Forex Trading
- Detailed Instructions
- Full Support
- Money Back Guarantee
Cons
- MetaTrader 4 Only
- Requires Some User Initiative
- Takes Time To Learn How To Use
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
