Slingshot-30 Min. PA System | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

question about "slingshot" indicators 1 reply

15 min indicator on 5 min chart 3 replies

5 min 13 EMA band System 30 replies

BAT system for 15 min chart 28 replies

SlingShot Method A 12 replies

Attachments: Slingshot-30 Min. PA System
Exit Attachments

Slingshot-30 Min. PA System

  • #21
  • Jan 8, 2009 10:05pm Jan 8, 2009 10:05pm
Quoting fxhermit
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...
It may. To do a good visual backcheck on it, you need to drop down to a 5M chart.

You can't be certain whether a trade was a winner by looking at the 30M.

I got lucky and traded 4 or 5 live trades today and won them all.
  • #22
  • Jan 8, 2009 10:48pm Jan 8, 2009 10:48pm
Hi Bill,
thx for bringing this up here.
Looks like just my cup of coffee

Is this meant to trade the mentioned 4 pairs simultanously?
  • #23
  • Jan 8, 2009 10:55pm Jan 8, 2009 10:55pm
Quoting Dan S
Hi Bill,
thx for bringing this up here.
Looks like just my cup of coffee

Is this meant to trade the mentioned 4 pairs simultanously?
Hi please kindly help me to delete unwanted custom indicators. Thanks so much
Loving Life.............
  • #24
  • Jan 8, 2009 10:55pm Jan 8, 2009 10:55pm
Quoting Dan S
Hi Bill,
thx for bringing this up here.
Looks like just my cup of coffee

Is this meant to trade the mentioned 4 pairs simultanously?
Yes. You can trade them all.
I noticed, today, that it generates quite a few trades.
You could probably just concentrate on one pair, if you wanted to, and have several trades a day.
  • #25
  • Jan 8, 2009 11:22pm Jan 8, 2009 11:22pm
Quoting billbss
It may. To do a good visual backcheck on it, you need to drop down to a 5M chart.

You can't be certain whether a trade was a winner by looking at the 30M.

I got lucky and traded 4 or 5 live trades today and won them all.
O.K. the charts illustrate what I mean. I guess they don't always happen this way but some obviously do and I suppose that is the "cost of doing business" and something to be aware of.
Attached Images
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #26
  • Jan 8, 2009 11:31pm Jan 8, 2009 11:31pm
Quoting fxhermit
O.K. the charts illustrate what I mean. I guess they don't always happen this way but some obviously do and I suppose that is the "cost of doing business" and something to be aware of.

It was definitely a loss, although a small loss.
Losses will happen.
  • #27
  • Edited Jan 9, 2009 12:01am Jan 8, 2009 11:36pm | Edited Jan 9, 2009 12:01am
I just entered a short on EUR/USD.
It's not trade time yet.
We'll see what happens.

I went short at 1.3676
I'll exit at 0600 GMT.


EDIT: +12 pips
  • #28
  • Jan 9, 2009 12:21am Jan 9, 2009 12:21am
ok i just woke up, so still foggy. but is not tomorrow NFP and one of his rules is that no trades that night until a 1/2 hour past the NFP release. So no matter what happens tonight, his rule is to not be trading this set up
  • #29
  • Jan 9, 2009 12:25am Jan 9, 2009 12:25am
Quoting f4mnect
ok i just woke up, so still foggy. but is not tomorrow NFP and one of his rules is that no trades that night until a 1/2 hour past the NFP release. So no matter what happens tonight, his rule is to not be trading this set up
Yes that is one of his rules.
I'm going to trade it anyway, until about an hour before NFP.
  • #30
  • Jan 9, 2009 12:53am Jan 9, 2009 12:53am
cool, was just saying it so really any winning or losing trades won't count towards are over all thoughts about the set up. anybody have the indicator that paints other time frame bars on a chart, can't find mine.
  • #31
  • Edited 1:19am Jan 9, 2009 12:57am | Edited 1:19am
found 2 mtf candle indicators gonna test them out...this 1 the best that i have. So 30 min candles added to a 5m chart
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Jan. 08 23.17.jpg Size: 130 KB
Attached File(s)
File Type: mq4 MTF_CustomCandle[HL].mq4   8 KB | 766 downloads
  • #32
  • Jan 9, 2009 1:54am Jan 9, 2009 1:54am
On your MTF Candle chart - the colored boxes are ?
  • #33
  • Jan 9, 2009 2:03am Jan 9, 2009 2:03am
5m chart, 30 min candles. so were trading a 30 min set up, but i'm also watching how the 5m bars are moving. using for testing right now. welcome back. hope your doing well
  • #34
  • Jan 9, 2009 2:37am Jan 9, 2009 2:37am
Quoting f4mnect
5m chart, 30 min candles. so were trading a 30 min set up, but i'm also watching how the 5m bars are moving. using for testing right now. welcome back. hope your doing well
Flew over your house on way back. Was going to throw a bag of peanuts at you until I realized that was my airline lunch AND dinner!
  • #35
  • Edited 12:40pm Jan 9, 2009 2:46am | Edited 12:40pm
Quoting fxhermit
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...

... if you watch his videos you will see that some of your highlighted "trades" are incorrect. (revised - not incorrect)

.... you do not use a short (down) bar as a setup bar and enter a short (down) trade on your entry bar. (revised - you can)

edit: Sorry, i am wrong, as pointed out by one of the forum members - in video2 at 07:16 there is an entry for long after a long setup bar.
  • #36
  • Jan 9, 2009 2:49am Jan 9, 2009 2:49am
Ohh so that was you who flushed as the plane flew over....LOL


Quoting Flamenco143
Flew over your house on way back. Was going to throw a bag of peanuts at you until I realized that was my airline lunch AND dinner!
  • #37
  • Jan 9, 2009 4:12am Jan 9, 2009 4:12am
Are there any rules about reentries on the same trigger bar?
  • #38
  • Jan 9, 2009 4:27am Jan 9, 2009 4:27am
Quoting Dan S
Are there any rules about reentries on the same trigger bar?
none
  • #39
  • Jan 9, 2009 4:37am Jan 9, 2009 4:37am
Quoting f4mnect
found 2 mtf candle indicators gonna test them out...this 1 the best that i have. So 30 min candles added to a 5m chart
Thanks for that, I couldn't find my copy of the MTF candles

It's essential to use this for backtesting, there is no way of knowing from a 30M chart whether the trade was successul or not unless the opening price of the trigger bar is at (or very close to) the top or bottom of the final bar

Andy
  • #40
  • Edited 11:28am Jan 9, 2009 4:37am | Edited 11:28am
to clarify

edit: blanked out web address on image
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 30 min.gif Size: 15 KB
0 traders viewing now