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Slingshot-30 Min. PA System

  • #81
  • Jan 9, 2009 2:18pm Jan 9, 2009 2:18pm
Quote
A little feedback-
On the 1530 GMT bar, your EA opened a pending order only for USD/JPY.
It should have opened one for all 4 pairs.
Thanks again.

I was having the same problem and just remembered the"magic number" needed to be changed for each currency. No time left today to see if that corrects problem.
  • #82
  • Jan 9, 2009 2:23pm Jan 9, 2009 2:23pm
Quoting Abnormalone
I was having the same problem and just remembered the"magic number" needed to be changed for each currency. No time left today to see if that corrects problem.
Thanks.
I didn't even think of that.
I'm not an EA man
  • #83
  • Edited 4:42pm Jan 9, 2009 4:31pm | Edited 4:42pm
Would be this a good synthesis if i give this to a friend who does not know english??
Attached Image
  • #84
  • Jan 9, 2009 4:39pm Jan 9, 2009 4:39pm
Quoting nonpersoldi
Would be this a good synthesis if i give this tho a friend who does not know english??
It looks good to me.
Just remember that the setup bar must be at least 15 pips from High to Low.
Looks good
  • #85
  • Jan 9, 2009 4:44pm Jan 9, 2009 4:44pm
Quoting nonpersoldi
Would be this a good synthesis if i give this to a friend who does not know english??
I forgot one thing-
The open of the second bar must be close to the close of the setup bar.

You didn't show that in your pictures.

It is anyway 99% of the time.
The only time it wont be is a big news release or a Sunday opening after a weekend.
  • #86
  • Jan 9, 2009 4:59pm Jan 9, 2009 4:59pm
I have not read the whole thread yet..but I must says...T DNA got it right...

The Price Action that we will be looking for the very high quality reversal candle....the higher t TF,,the more valid it becomes.....

It could be bull/bear engulfing...or doji.. It can be named as Wiseman1 in Chaos Trading system......

The only fallback I see it..the trader can reap better return if he trades in general trend in mind....


Bravo...

Sonic
  • #87
  • Jan 9, 2009 5:04pm Jan 9, 2009 5:04pm
I have been trading this for the last few days and yesterday, maybe it was the day before net me over 500 pips. Today I did not because of non-far payroll.

Thanks for the EA timefreedom. BTW, I am back to my multiple daily entry system with fewer rules, but am up almost 23,000 pips since Dec 1st, 2008.

One thing that I have also noticed is that there really could be a s/l limit, because some bars can be 40 pips on the stop, and I would reather just lose 20 and move onto the next trade, since some trades are for a small profit. The good thing here is that eventually the big trades come and if you would have traded non-farm payroll today using this system, you would have done near 300 pips....the big ones do come....

So, a max s/l might be a good idea.....
"Keep your eyes on the helpers" - Mr. Rogers
  • #88
  • Jan 9, 2009 7:17pm Jan 9, 2009 7:17pm
28hrs from the first post and you have a ea set up and custom indicators.i think thats fantastic.i have a copy of the of the forex scalper from martin running to see how it performs.then i stumbled over this strategy be interesting to see how this works out
  • #89
  • Jan 9, 2009 9:15pm Jan 9, 2009 9:15pm
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

This is a great idea... I'll check it out too... my other thought is that these are key reversal bars and to consider rules when I'll hold part or all of the position for a longer term trade.
  • #90
  • Jan 9, 2009 9:19pm Jan 9, 2009 9:19pm
Quoting thatwasme
I just added the ability to turn the Price labels off if you want to.

And because people will ask for it. version 4 has alerts when price drops below previous 30 min low or climbs above previous 30 minute high.

Thanks, man! Very cool...
  • #91
  • Jan 9, 2009 10:06pm Jan 9, 2009 10:06pm
Hi Bill,

Happy New Year Bill! I'd like to wish you and your family all the best for 2009.

Thanks for bringing this mechanical system to our attention. I call it a N.E.T system.... "No Emotion Trading" system. Time will tell, but so far this one looks good!
Thanks Bill,....T-Wolf
  • #92
  • Jan 9, 2009 10:14pm Jan 9, 2009 10:14pm
Quoting thunderwolf
Hi Bill,

Happy New Year Bill! I'd like to wish you and your family all the best for 2009.

Thanks for bringing this mechanical system to our attention. I call it a N.E.T system.... "No Emotion Trading" system. Time will tell, but so far this one looks good!
Thanks Bill,....T-Wolf
Thank you, Thunderwolf. I wish the best to you and your family.

I'll try to do some backtesting on it this weekend.

It looks pretty good, so far. I hope it holds up.
  • #93
  • Jan 9, 2009 10:15pm Jan 9, 2009 10:15pm
Quoting maxreturn
However, this can only be determined by looking at smaller time frame charts to see how many times the price reversed to take out your stop loss after the initial signal.
Great point. Backtesting on anything over 1 min bars can be misleading in some cases.
  • #94
  • Jan 9, 2009 10:18pm Jan 9, 2009 10:18pm
Quoting Thruline
Great point. Backtesting on anything over 1 min bars can be misleading in some cases.
I've already gone back over quite a few.
5M is usually all you need, to be clear about what happened.
Sometime you have to zoom in with 1M.
  • #95
  • Jan 9, 2009 11:07pm Jan 9, 2009 11:07pm
I don't find a link to D/L Slingshot? Please send reply to me email address
  • #96
  • Edited Jan 10, 2009 12:19am Jan 9, 2009 11:20pm | Edited Jan 10, 2009 12:19am
The grid with the MTF OHLC is great - really helps in seeing the action up to the point of entry and using other methods to filter the trade or take a larger position.
  • #97
  • Edited Jan 10, 2009 1:28am Jan 9, 2009 11:37pm | Edited Jan 10, 2009 1:28am
I just finished visually backtesting eur/usd mon-thursday on 1 min charts.
It is not accurate up to the pip since I didnt add +1 of the close for entries.

I just noted the trades on paper and dont really want to hack all numbers in here. But here are a few stats.
A spread of 3 pips is included in all trades.
First considered entry bar 7.00 gmt, last 19.30.

Monday: -26 (my result was +4 in 10 trades -30 pips spread)
Tuesday +148 (+169 minus 7 trades x 3)
Wednesday +56 (+94 minus 13 x 3)
Thursday -11 (+10 minus 7 x 3)

Total for the week +167
Total # trades: 37
Wins: 19
Lost: 18
Hitrate 51%
Average win: 22 pips (-3 spread)
Average loss: 8 pips (+3 spread)
Most consec. wins: 4
Most consec. losers: 2
Biggest Win: 83
Biggest Loss: 15

If somebody already did the same period on E/U could you please compare if I am about right or way off?
  • #98
  • Jan 10, 2009 12:27am Jan 10, 2009 12:27am
I'll try it out.
  • #99
  • Jan 10, 2009 12:30am Jan 10, 2009 12:30am
Thanks for the person who posted the EA, I will forward tets it on demo, happy to provide results if anyone is interested.http://www.forexfactory.com/images/icons/icon10.gif
What you do is a reflection of you....what I do is a reflection of me.
  • #100
  • Jan 10, 2009 12:53am Jan 10, 2009 12:53am
Very interesting system... I will demo it starting next week and see how it goes. Thanks billbss for sharing.

Fox
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