Slingshot-30 Min. PA System | Forex Factory

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Attachments: Slingshot-30 Min. PA System
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Slingshot-30 Min. PA System

  • #1
  • First Post: Edited 5:02pm Jan 8, 2009 2:38pm | Edited 5:02pm
I got this system, free, in an email from a guy named Martin Alexander. You can probably find him by searching for "Martin Alexander" Slingshot.

I won't post his link, because I think he's probably a system seller.
I've looked it over and made a few trades and it looks good.

Pairs- EUR/USD, GBP/USD, USD/CHF, USD/JPY

TF- 30M

Trade times - 7:00 GMT - 20:00 GMT


In the descriptions below, the "previous bar" must have a H-L range of, at least, 15 pips.

Long entry-
Bar goes below the Low of previous bar.
Then
Goes above the Close of the previous bar.
Enter 1pip + spread above the Close of previous bar.
SL- 1 pip below Low of current bar.
Exit at close of current bar.

Short entry-
Bar goes above the High of previous bar.
Then
Goes below the Close of the previous bar.
Enter 1pip below the Close of previous bar.
SL- 1 pip + spread above the High of current bar.
Exit at close of current bar.
  • #2
  • Jan 8, 2009 3:24pm Jan 8, 2009 3:24pm
got the email also yesterday
did u get also the auto-scalper EA a while ago?

must say the 30 min setup is interesting isnt it?
clear video also

great job done martin
  • #3
  • Jan 8, 2009 3:29pm Jan 8, 2009 3:29pm
Quoting hollandpippin
got the email also yesterday
did u get also the auto-scalper EA a while ago?

must say the 30 min setup is interesting isnt it?
clear video also

great job done martin
I ran the auto-scalper for a few days and lost a ton of money on a demo account.
This one does look good.
I made about 100 pips with it this morning.
  • #4
  • Jan 8, 2009 3:37pm Jan 8, 2009 3:37pm
Is that the same bar that extends beyond both ends of the previous bar(an outside bar) or is it one 30 min. bar extends one end of the previous bar then the next 30 min. bar extends the other end of the original bar?

Thanks for any clarification
  • #5
  • Jan 8, 2009 3:44pm Jan 8, 2009 3:44pm
Quoting dvirga
Is that the same bar that extends beyond both ends of the previous bar(an outside bar) or is it one 30 min. bar extends one end of the previous bar then the next 30 min. bar extends the other end of the original bar?

Thanks for any clarification
Neither of those.

Wait for any 30M bar to complete.=Bar A.

Start watching the next bar.=Bar B

If B goes below the low of A, then turns and goes up and above the close of A, that's a long entry.

If B goes above the high of A, then turns down and goes below the close of A, that's a short entry.
  • #6
  • Jan 8, 2009 3:45pm Jan 8, 2009 3:45pm
Sounds to me like an outside bar. Either up or down. These are normally very good on higher timeframes like 4H and 1D. Not really looked at them on 30M.
  • #7
  • Jan 8, 2009 3:46pm Jan 8, 2009 3:46pm
Quoting pi piper
Sounds to me like an outside bar. Either up or down. These are normally very good on higher timeframes like 4H and 1D. Not really looked at them on 30M.
No. It's not an outside bar, Read the post I just made.
  • #8
  • Jan 8, 2009 4:10pm Jan 8, 2009 4:10pm
Are we concerned whether bar A is an up or down bar when we compare the activities of bar B to it.
Would that have any bearing on the trade decision?

Thanks for sharing. looks good

dave
Is it Break Time yet?
  • #9
  • Jan 8, 2009 4:13pm Jan 8, 2009 4:13pm
It's not an outside bar, it's simply a break of a specific range in a specific direction. Example:

 

  1. If it breaks the previous high first, and then the previous close. Enter short.
  2. If it breaks the previous low first, and then the previous close. Enter long

Fundamentally it's a simple system. What I don't understand is whether or not it matters if the previous bar is long/short/doji, etc.

Billbss, what happens if the previous bar has absolutely no movement? (Open = High = Low = Close) Or some combination of that?

  • #10
  • Jan 8, 2009 4:16pm Jan 8, 2009 4:16pm
I got this email too. I believe the setup bar also needs to be a min of 15 pips high to low per the videos.
  • #11
  • Jan 8, 2009 4:21pm Jan 8, 2009 4:21pm
Is there an indicator to trace a line at the previous high, at the previous low and at the previous close?
  • #12
  • Jan 8, 2009 4:24pm Jan 8, 2009 4:24pm
Why is this anything more than just rolling dice? C'est a dire...Why should this work? Profoundly Perplexed Pippo
Vincit qui se vincit.
  • #13
  • Jan 8, 2009 4:29pm Jan 8, 2009 4:29pm
Quoting Ronald Raygun
It's not an outside bar, it's simply a break of a specific range in a specific direction. Example:

  1. If it breaks the previous high first, and then the previous close. Enter short.
  2. If it breaks the previous low first, and then the previous close. Enter long

Fundamentally it's a simple system. What I don't understand is whether or not it matters if the previous bar is long/short/doji, etc.

Billbss, what happens if the previous bar has absolutely no movement? (Open = High = Low = Close) Or some combination of that?


He states in his rules that there must be a separation of at least 15 pips between the O and C of the setup bar (A).
However, in his examples he does not observe this.
He shows some trades coming off of near dojis.
  • #14
  • Jan 8, 2009 4:30pm Jan 8, 2009 4:30pm
Quoting balouf
Is there an indicator to trace a line at the previous high, at the previous low and at the previous close?
Just your eyes.

You could use the horizontal line draw tool.
  • #15
  • Jan 8, 2009 4:31pm Jan 8, 2009 4:31pm
Are you sure it's open and close as opposed to high/low?
  • #16
  • Jan 8, 2009 4:32pm Jan 8, 2009 4:32pm
Quoting Ronald Raygun
Are you sure it's open and close as opposed to high/low?
Not entirely sure.
I'll watch it again and post what I find.
Won't take but a minute.
  • #17
  • Jan 8, 2009 4:35pm Jan 8, 2009 4:35pm
Quoting Ronald Raygun
Are you sure it's open and close as opposed to high/low?
I was wrong.

High - Low must = 15 pips. (minimum)
  • #18
  • Jan 8, 2009 5:05pm Jan 8, 2009 5:05pm
Quoting dkhinckley
Are we concerned whether bar A is an up or down bar when we compare the activities of bar B to it.
Would that have any bearing on the trade decision?

Thanks for sharing. looks good

dave
No. It has no bearing.
  • #19
  • Jan 8, 2009 8:34pm Jan 8, 2009 8:34pm
Hi all,
Yup, I received an e-mail about this method as well.

I usually trade the 1hr timeframe rather than the 30 minute so I just did a quick visual check going back just a few days (see attached chart). If you are fond of the Keep. It. Simple. Silly. principle of trading this would certainly qualify and might prove to be a rather relaxed way of scalping especially on the 1hr timeframe.

One might decide to use something like the 5 min for stop loss management and try staying with some of the trades a little longer for greater gains.
Attached Image (click to enlarge)
Click to Enlarge Name: sling3.gif Size: 33 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #20
  • Jan 8, 2009 9:49pm Jan 8, 2009 9:49pm
I can see a bit of a concern with this method already......

As I was sitting and watching this current bar form, I noticed it become a valid entry. Within the first 15 minutes the bar dropped below the setup bar fullfilling the first criteria. Price then proceeded upward triggering a valid entry at 1.3665 (1 pip + 2 pip spread) with a stop then at 1 pip below the bar (at this point in time) at 1.3653. (12 pip S/L) Of course, that didn't last (see attached chart) and therein lies my concern...... an initially valid setup becomes a loss as the entry bar goes through its formation cycle while the market breaths. I am thinking that this might happen quite often and off the bat, I can't really think of any way to over come this concern. I may yet conclude that this may be one of those methods that initially looks good but in practice ?????????
Attached Image (click to enlarge)
Click to Enlarge Name: sling4.gif Size: 28 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
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