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Attachments: Slingshot-30 Min. PA System
Exit Attachments

Slingshot-30 Min. PA System

I have used the slinngshot system succesfully and the trades which are 98% good are those that are confirmd by the upper H1 time level. The ea smokes keep up the good work, I know didly about coding but I hope my observation helps in the development.
but according to the author it based on a fear that other traders are causing lets say the set up bar is trending short and traders are thinking its going to continue trending short then the entry bar starts trending short too but some hickup happens and it starts going long and traders everywere are closing up because they dont want to be the loser. that signals our entry into the long position while fear is driving away the other traders we are capitalizing on it. so in this case entry is about what others are thinking.

after that some of you might think i'm just EVIL
the markets moving, time to get in!
A+

Quoting Pavatar
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...
"Keep your eyes on the helpers" - Mr. Rogers
Quoting llambert3
Ok, so you had 16 of 20 wins, but what was the net pips? what was the net on 11 of 11 day?
16 for 20 and 11 for 11 gave me a net positive pips. . Your question is easily testable if you took the time to test it yourself, then you wouldn't need to ask me this question....

I am not your free ride!
"Keep your eyes on the helpers" - Mr. Rogers
Quoting Ronald Raygun
16/20 wins = 75% win rate. That's pretty good.

What's your Reward:Risk?
HMMM...i don't really know...my s/l is set, but my take profit is at the close of a bar in profit...could be 1 pip, could be 200 pips which happend on friday after non-farm payroll.....

1 step at a time...I rarely set t/p's anymore...rather adjust s/l's. I would guess that average is 15-20 pips though i would guess to the high side of that......

I still think that as we go here we will find a way to go to some lower5 TF's and time the exits even better then relying on the close of a bor in profit
"Keep your eyes on the helpers" - Mr. Rogers
Quoting damonl
16 for 20 and 11 for 11 gave me a net positive pips. . Your question is easily testable if you took the time to test it yourself, then you wouldn't need to ask me this question....

I am not your free ride!
no need to get mean about it.
Quoting damonl
HMMM...i don't really know...my s/l is set, but my take profit is at the close of a bar in profit...could be 1 pip, could be 200 pips which happend on friday after non-farm payroll.....

1 step at a time...I rarely set t/p's anymore...rather adjust s/l's. I would guess that average is 15-20 pips though i would guess to the high side of that......

I still think that as we go here we will find a way to go to some lower5 TF's and time the exits even better then relying on the close of a bor in profit

I ask because I rate systems using the following formula:

(Reward / Risk) * Percent win * 100.

So, if this system has reward/risk of 2/1 and a percent win of 75% that's a success score of 150.

Average system here is somewhere around 50-60 success score. So I think you can understand my excitement.
Quoting llambert3
no need to get mean about it.
didn't mean to sound mean
"Keep your eyes on the helpers" - Mr. Rogers
Quoting Ronald Raygun
I ask because I rate systems using the following formula:

(Reward / Risk) * Percent win * 100.

So, if this system has reward/risk of 2/1 and a percent win of 75% that's a success score of 150.

Average system here is somewhere around 50-60 success score. So I think you can understand my excitement.
yeah...i hear you...i wish i could give you a better answer, but to be honest i don't know...i think that the entry is very good.

today was a very hard market to trade...yesterday was easier and had we switched to lower tf we could have taken some nice trades......1st thing for me is get the win ratio in our favor and i think that may be done although manually backtesting this would be impossible so the long term is still unknown....

we'll see what happens....
"Keep your eyes on the helpers" - Mr. Rogers
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
Hai, how can I get the free EA? I looked at his website, but nothing says about the EA..
Quoting kissaki
Hai, how can I get the free EA? I looked at his website, but nothing says about the EA..
If you are downloader #101, I think no more free EA ;-/
EurUsd 2 for 2 +11 pips and +8 pips

GbpUsd 1 for 1 +18 pips

UsdJpy 2 for 2 +6 pip and +16 pips

So...using the fulter we are 5 for 5 for 59 pips

Personally this method still scares me because it is a scapling method which I am not into as I think it just deletes most people's accounts, but at times this trade can run hundreds of pips......Hopefully an alternative exit can be found as we get into this more that will let our pips run and still cut our losses...

we'll see what happens I guess....I'm going back to bed for a few more hours
"Keep your eyes on the helpers" - Mr. Rogers
Quoting damonl
EurUsd 2 for 2 +11 pips and +8 pips

GbpUsd 1 for 1 +18 pips

UsdJpy 2 for 2 +6 pip and +16 pips

So...using the fulter we are 5 for 5 for 59 pips

Personally this method still scares me because it is a scapling method which I am not into as I think it just deletes most people's accounts, but at times this trade can run hundreds of pips......Hopefully an alternative exit can be found as we get into this more that will let our pips run and still cut our losses...
I agree there is a better way to exit this trade trailing stop or something. I heard of a ratcheting trailing stop never used it before. It might help with zeroing in on more pips
the markets moving, time to get in!
I tested this system at 08:30 EST and caught 60 pips on a demo. But, my other systems all indicated a sell on the E/U and even fundies were a no brainer. This system only confirmed what everything else was doing. But can it stand alone? Only time will tell. Until then the most important aspect of it is its Stop Loss. Gotta have it.
Quoting dmjservices
I agree there is a better way to exit this trade trailing stop or something. I heard of a ratcheting trailing stop never used it before. It might help with zeroing in on more pips
I have never heard about this before and would like to know about it. What can you tell us?
"Keep your eyes on the helpers" - Mr. Rogers
I set my TP to equal the SL. I add the spread +1 pip so that if I hit 50% strike rate, I am still profitable (barely, but I can still stake claim to "proftable" trades...LOL). Once the price has broken the Hi or Lo, I set a pending order 1 pip above or below the close of the setup bar just like the original rule. I simply let the trade run to either SL or TP. This becomes more of a "set and forget" setup, that frees me from my computer...and also frees me from anxiety and stress as I let the market do its thing.

Sorry, I haven't compiled a win/loss record because my trading has been very spotty due to having to shovel tons of snow...this coupled with subzero frigid temperatures here in Wisconsin. Let's just say trading this way I am "profitable". LOL

Bob
EurUsd 1 for 1 +69 pips

GbpUsd 0 for 2 -45 and -45 pips One trade is still open here and is up 50 pips at the moment

UsdJpy 3 for 3 +11 and +12 and +9 pips

This gives us 9 for 11 for 70 pips with one nice trade open at the moment for GbpUsd

I have been using 45 pip s/l for gbpusd, 35 pip s/l for eurusd and 25 pip s/l for usdjpy for the record....

I must also say this...both losses for the GbpUsd went against two things that I have not mentioned yet.

1. If you are looking for a long trade and price of the current bar breaks first above the high of the previous bar, trade would be off. This protects us in large whipsaw markets.

2. for the 30 Min bar, the pending trade closes 5 Min before the close of the bar and 10 Min before the close of the H1 bar rather than waiting for the next bar to open....

Once again, we will take losses so maybe none of these other 2 things are necessary, but I wanted to put them on the table for something to think about....

Got to head out for a while and will get the rest of the days trades in when I get back....adios
"Keep your eyes on the helpers" - Mr. Rogers
Quoting Bobcat2
I set my TP to equal the SL. I add the spread +1 pip so that if I hit 50% strike rate, I am still profitable (barely, but I can still stake claim to "proftable" trades...LOL). Once the price has broken the Hi or Lo, I set a pending order 1 pip above or below the close of the setup bar just like the original rule. I simply let the trade run to either SL or TP. This becomes more of a "set and forget" setup, that frees me from my computer...and also frees me from anxiety and stress as I let the market do its thing.

Sorry, I haven't compiled a...
Hey Bob...I am also a Wisconsinite who is off work because of the weather as well...got to go out in it now thoug
"Keep your eyes on the helpers" - Mr. Rogers
Hi,
I just found this thread. Some days ago I got this system like billbs and make some quick EA. I tested it on Alpari data from 06.2004 to 11.2008 original rules without MM - fixed lots. Results are mixed

1. EURUSD it's profitable but look at 2007 - almost all year down

2. GBPUSD - most profitable, but 2008 flat

3.USDCHF - in the beginning profitable later losses

4. USDJPY - dissaster !

Of course that was only first look, there could be some problem with backtest on 30 min, modeling quality etc. maybe this system has some potential but it need some research (eg. exits: tp, time exit not necessary on next bar, trailing stop, trade with trend, partial close etc.) . One should be careful especially on USDJPY.

It was only quick test for me, I don't trade this system.

I sent this results and some description to Martin at Forex-auto-Scalper( I was curious especially about very bad results on usdjpy) and got very "professional" answer :"EA is working on EURUSD only". Auto-scalper yes, but not my EA.
Guys on forex-auto-scalper don't read or don't understand what they read


Good Luck and Regards,

Andrew
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurslightshot.gif Size: 7 KB
Click to Enlarge Name: gbpusd.gif Size: 7 KB
Click to Enlarge Name: usdchf.gif Size: 7 KB
Click to Enlarge Name: ussdjpy.gif Size: 6 KB
I think its and algorithm that starts with a larger distance than normal and over time closes the gap until it closes the trade. And I think it basis its ratcheting effect on the time frame given so if you were to give it 1 day it would ratchet faster than if you gave it 1 week or 1 month.

I also heard that it calculates the starting distance by figuring out the hi/low’s of many bars before it. I’m not sure but I think it sets it self higher than them.

I would get it for you but my old computer had it on it and HD crashed. So I don’t have it.

i never messed with it just somthing i was looking at a year ago. but i was really new to the idea of forex then.
the markets moving, time to get in!
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