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Slingshot-30 Min. PA System

  • #221
  • Jan 13, 2009 2:26pm Jan 13, 2009 2:26pm
i got an e-mail a few days ago showing the slingshot now i have read most of the forum and i think you guys missed one of the moves.

when you have a set up bar for a long position you have a bar thats heading in a short direction with a minimum of 15 pip top to bottom. the entry bar as i understand it continues in a short direction untill its below the lowest low of the setup. and then turns around and gos in a long direction. i think thats were it got its name slingshot it pulls back FIRST then makes a move
the markets moving, time to get in!
  • #222
  • Jan 13, 2009 2:28pm Jan 13, 2009 2:28pm
Let me encourage you guys to keep up the great development work! Damonl's results in particular point to further experimentation.
  • #223
  • Jan 13, 2009 2:32pm Jan 13, 2009 2:32pm
Here is the last update for the M30 SlingShot strategy just the way the author intended it to trade with no filters/indicators, etc...

*Fixed. EA was not modifying SL with multiple pairs.
*Added option to turn off Alerts.

@Damonl

Yes, I would like to continue and backtest your ideas. Please post your rules as clear as possible for me and I will take a shot at it.

TimeFreedom
Attached File(s)
File Type: mq4 [ea]_Slingshot_vbeta05.mq4   18 KB | 1,242 downloads
  • #224
  • Jan 13, 2009 2:33pm Jan 13, 2009 2:33pm
i ran V4.0 last night in visual mode just to watch the trades and it does trade alot but i dont think its trading by his rules. i saw hundreds of trades it missed and ones it got into that just did not fit the method. maybe my setting are wrong
the markets moving, time to get in!
  • #225
  • Jan 13, 2009 2:35pm Jan 13, 2009 2:35pm
Quoting billbss
I've tested this system with two different EAs that I believe to be properly programmed.
Over the last year, each pair looses around 5,000 pips.

I do not believe it is a profitable method.

I consider it another system that looked good at first blush and didn't pan out.

I personally, don't spend time trying to make a system work with filters and indicators, that isn't sound to begin with.

I think the time is better spent working on a system that shows more potential.

If anyone wants to keep at it, feel free and I wish you success.
Thank you bill for your research. I accept your conclusion. I had reached the same. I won't be supporting the concept either. A good trader needs to accept when the trade is wrong.

Thanks for testing it.
  • #226
  • Jan 13, 2009 2:39pm Jan 13, 2009 2:39pm
Pluto2;

My answer's are in blue within your questions.

TimeFreedom

Quoting Pluto2
TimeFreedom,

First of all, thanks for all your work
and the great EAs.

I am testing your 04 with TP5, yet some trades close at higher pips.
Can you explain? This is because we add spread and pipBuffer on Buy trades and subtract pipsBuffer on Sell trades.

Can I run your EA on a same platform with another EA? Not sure if you can run it with another EA, but I wouldn't do it even if I could. I haven't tested in your described environment.

Do I have to change the magic # for each pair...
  • #227
  • Jan 13, 2009 2:39pm Jan 13, 2009 2:39pm
Quoting mathematician
In your testing, did you let it take every single trade signal, 24 hours a day, or did you restrict the trading hours? It can make a big difference.

I've programmed this system. I didn't use MT4, I just wrote my own raw program because I don't trust MT4. I'm working with a little more than 3 months of 1-min data for the EUR/USD. I am still working on my program, working out some bugs...but so far, it seems to be profitable during certain market sessions.

Here are some results from 1-minute data for EUR/USD going back to 10/06/2008. They might...
I tested it also, using my own EA, with trading hours, without trading hours, for the last 3 months, for one year and for 3 years. The 3 month test was the only profitable test in all six majors. That tells me that the method is not robust and is some what a curve fitted method.
  • #228
  • Jan 13, 2009 2:42pm Jan 13, 2009 2:42pm
i found my self looking through charts and there are hundreds of winning bars. and before i was thinking EA i traded for the last few days and was not in losing territory. until i attached the EA. no worry's just paper. i think it needs work but its not bad as far as the premise.
the markets moving, time to get in!
  • #229
  • Jan 13, 2009 2:49pm Jan 13, 2009 2:49pm
Quoting TimeFreedom
Here is the last update for the M30 SlingShot strategy just the way the author intended it to trade with no filters/indicators, etc...

*Fixed. EA was not modifying SL with multiple pairs.
*Added option to turn off Alerts.

@Damonl

Yes, I would like to continue and backtest your ideas. Please post your rules as clear as possible for me and I will take a shot at it.

TimeFreedom
Basically, this is what I am seeing

1. We need to trade with the trend. I find that watching momentum with the MACD is a good way to determine trend. An expanation of this can be found in Post 187 On This Page

2. S/l needs to be adjustable as it would differ for every pair

3. it would need to keep the trade open until it hit the s/l or closed in profit on any bar.

I think this just about does it. Beyond this we would probably need to see good testing results to persue this any farther, but the trading the last few days has been good 11 of 11 and 16 of 20 is way better then anyone could expect.

Let me know if you have any questions about the MACD filter, as that will probably be the hardest part to program.

BTW...I have made more the 250% in since Dec. 1st and have open valued at over 200% from my daily strategy, which is kind of like the one we used before with all the rules that worked well, but which I thought was too much work. This is much eaisier to follow once you get it, and soon I may be taking the rules down and pursuing other things with it...I'll be glad to add you to the signals list when I get to that point...on me

This is more of a scalper strategy, which i am kind of against at the moment, but i really like this for some reason....enter trades not based on indicatros....maybe it can be something special.
"Keep your eyes on the helpers" - Mr. Rogers
  • #230
  • Jan 13, 2009 3:32pm Jan 13, 2009 3:32pm
i'm running v5 right now in visual and its. i can tell you its not following the system. i'm not modifying anything just placing and testing. and watching the action and seeing were its entering and exiting. i think its just thinking if it passes one highest hi or lowest low it just entering and thats not how this system works. if the close of the setup chart is low then it has to go low first then come back and get intered. maybe i'm not setting it up right
the markets moving, time to get in!
  • #231
  • Jan 13, 2009 3:35pm Jan 13, 2009 3:35pm
damonl -
Thank you and many others for the insight into this system. I found this thread over the weekend and just finished reading/studying all the comments. I would like to know if I understand your trend filter - my comments are numbered and correspond to the numbers in the attachment.

1 = higher high trend = up
2 = higher low trend = continue up
3 = lower high trend = continue up
4 = lower low trend = down
5 = higher high trend = up
6 = higher low trend = continue up
7 = lower high trend = continue up
8 = lower low trend = down
9 = lower high trend = continue down
10 = lower low trend = continue down
11 = higher high trend = up
12 = higher low trend = continue up

In each case we are comparing one set of blue bars to the immediate past group of blue bars or comparing one set of red bars to the immediate past group of red bars. The trend changes, for example, on the close of the specific bar which is higher than the highest bar in the immediate past group of blue bars. In my definition, a "group" can be a single bar, for example, red changing to blue for one bar before changing back to red.

Thank you - Gary
Attached Image (click to enlarge)
Click to Enlarge Name: gu2.gif Size: 18 KB
  • #232
  • Jan 13, 2009 3:40pm Jan 13, 2009 3:40pm
any of you have a tested EA that works out of the box thats free
the markets moving, time to get in!
  • #233
  • Jan 13, 2009 4:53pm Jan 13, 2009 4:53pm
Quoting dmjservices
any of you have a tested EA that works out of the box thats free
No, and I must have tested hundreds.

I have not found one EA that consistently works, period, commercial or free.
  • #234
  • Jan 13, 2009 5:00pm Jan 13, 2009 5:00pm
TimeFreedom,

Will my SL and TP over ride the EA's TP ans SL?
Or, which ever will occur first will activate?

Thank you.

Regards

Pluto2
  • #235
  • Jan 13, 2009 6:35pm Jan 13, 2009 6:35pm
Quoting damonl
Basically, this is what I am seeing

1. We need to trade with the trend. I find that watching momentum with the MACD is a good way to determine trend. An expanation of this can be found in Post 187 On This Page

2. S/l needs to be adjustable as it would differ for every pair

3. it would need to keep the trade open until it hit the s/l or closed in profit on any bar.

I think this just about does it. Beyond this we would probably need to see good testing results to persue...
Ok, so you had 16 of 20 wins, but what was the net pips? what was the net on 11 of 11 day?
  • #236
  • Jan 13, 2009 6:43pm Jan 13, 2009 6:43pm
16/20 wins = 75% win rate. That's pretty good.

What's your Reward:Risk?
  • #237
  • Jan 13, 2009 6:55pm Jan 13, 2009 6:55pm
I have tested and tested and it’s not entering right.

and I have an idea for exit instead of exiting on close you can set a really short trailing stop maybe 2-5 pips just to chase any trend a little farther.

I know its not apart of the system but when you can automate so much you can change the rules

like you can split the trade in 2. One with normal s/l and one that has a really short trailing like 5 pips that triggers when your 10 pips into profit.
That way if you bar runs up your pips and then retreats before close you might get a little more profit and if the trade does not work you might break even or even win just a few pips. But I have been looking at the strategy for a little bit and when I do it with out EA I’m in the winning area.


just ideas that can be tried because we are using automation

another idea is can we calculate the average size of bar over last 3 months and come to a better more dynamic size than just 15 pips
the markets moving, time to get in!
  • #238
  • Jan 13, 2009 7:00pm Jan 13, 2009 7:00pm
I've tested this as well and I think it has potential.

This does not need additional indicators and/or filters, it needs more exit options.
Exiting at the close severely limits the profit potential.

I agree with the previous poster about adding a trailing stop, along with the user option of NOT closing the trade at the close, just letting it ride. Possibly a breakeven stop as well for testing purposes.

The most important part of any trading strategy is the exit, not the entry.
  • #239
  • Jan 13, 2009 7:05pm Jan 13, 2009 7:05pm
have you looked at the entry vs the ones on youtube that this is based on?
the markets moving, time to get in!
  • #240
  • Jan 13, 2009 7:10pm Jan 13, 2009 7:10pm
No, I haven't.

However, it still needs better exit options.

The entry is really not that important; one can enter at random and with an intelligent exit strategy make profits.

95% of traders are losing money, and 95% of traders are focused on the entries.
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